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Monetary Policy Transmission in the Euro Area
A Study by the Eurosystem Monetary Transmission Network

A.-M. Agresti, B. Mojon, G. Peersman, F. Smets, P. McAdam, J. Morgan, P. van Els, A. Locarno, J.-P. Villetelle, C. Bean, J. Larsen, K. Nikolov, J. B. Chatelain, A. Generale, P. Vermeulen, U. von Kalckreuth, P. Butzen, C. Fuss, A. Tiomo, E. Gaiotti, A. Generale, P. Lunneman, T. Matha. M.Valderrama, M. Ehrmann, J. Martinez-Pagés, P. Sevestre, A. Worms, C. Loupias, F. Savignac, S. Brissimis, N. Kamberoglou, G. Simigiannis, L. Gambacorta, L. De Haan, S. Kaufmann, L. Farinha, C. Robalo Marques, J. Topi, J. Vilmunen, I. Angeloni, A. Kashyap, D. Terlizzese, B. Bernanke, X. Freixas, V. Gaspar, J. von Hagen, J. Claessens
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  • Date Published: March 2012
  • availability: Available
  • format: Paperback
  • isbn: 9781107403802

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About the Authors
  • Proper conduct of monetary policy requires understanding the monetary transmission mechanism, to monitor the economy, make decisions on the stance of policy, and explain the policy actions to the public. Hence, gathering evidence on the monetary transmission mechanism in the euro area has been a priority for the Eurosystem. This 2003 book presents the results of a multi-year collaborative project conducted by the European Central Bank and the other Eurosystem central banks. First, macro data are consistently investigated with both VARs and structural models for the area as a whole and for individual countries. Second, the book contains an unprecedented set of studies on the effects of monetary policy using bank and firm panel data. The results described in country case studies and overview essays by central bank economists, along with a discussion chapter by eminent academics, provide an essential contribution to research on the subject.

    • Most systematic and authoritative analysis available using unique data sets
    • Comprehensive analysis of impact of European Central Bank on all Eurozone members
    • Authors include senior staff economists at the European Central Bank and top American academic economists
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    Reviews & endorsements

    Review of the hardback: 'Overall the book is a well balanced, clear and sophisticated analysis and a stimulating read. Briefly, a masterpiece.' Journal of Common Market Studies

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    Product details

    • Date Published: March 2012
    • format: Paperback
    • isbn: 9781107403802
    • length: 514 pages
    • dimensions: 229 x 152 x 29 mm
    • weight: 0.75kg
    • availability: Available
  • Table of Contents

    Preface
    Introduction
    Part I. Macroeconometric Evidence on the Transmission Mechanism in the Euro Area:
    1. Some stylised facts on the Euro area business cycle A.-M. Agresti and B. Mojon
    2. The monetary transmission mechanism in the Euro area: more evidence from VAR analysis G. Peersman and F. Smets
    3. A VAR description of the effects of monetary policy in the individual countries of the Euro area B. Mojon and G. Peersman
    4. Analysing monetary policy transmission mechanism at the Euro area level: using structural macroeconomic models P. McAdam and J. Morgan
    5. The effects of monetary policy in the Euro area: evidence from structural macroeconomic models P. van Els, A. Locarno, J. Morgan and J.-P. Villetelle
    6. Financial frictions and the monetary transmission mechanism: theory, evidence and policy implications C. Bean, J. Larsen and K. Nikolov
    Part II. Firm Investment and Monetary Policy: Evidence from Micro-Economic Data:
    7. Firm investment and monetary policy transmission in the Euro area J. B. Chatelain, A. Generale, I. Hernando, P. Vermeulen and U. von Kalckreuth
    8. Business investment and monetary transmission in Belgium P. Butzen, C. Fuss and P. Vermeulen
    9. Investment and monetary transmission in Germany: a microeconometric investigation U. von Kalckreuth
    10. Monetary policy and corporate investment in France J.B. Chatelain and A. Tiomo
    11. Monetary policy and firms' investment in Italy E. Gaiotti and A. Generale
    12. Monetary transmission: empirical evidence from Luxembourg firm-level P. Lunneman and T. Matha
    13. The role of trade credit and bank lending relationships in the transmission mechanism in Austria M. Valderrama
    Part III. The Role of Banks in the Transmission: Evidence from Micro-Economic Data:
    14. Financial systems and the role of banks in monetary policy transmission in the Euro area M. Ehrmann, L. Gambacorta, J. Martinez-Pagés, P. Sevestre and A. Worms
    15. The reaction of bank lending to monetary policy measures in Germany A. Worms
    16. Is there a bank lending channel of monetary policy in Spain? I. Hernando and J. Martinez-Pagés
    17. Is there a bank lending channel in France? Evidence from bank panel data C. Loupias, F. Savignac and P. Sevestre
    18. Is there a bank lending channel of monetary policy in Greece? Evidence from bank level data S. Brissimis, N. Kamberoglou and G. Simigiannis
    19. The Italian banking system and a monetary policy transmission: evidence from bank level data L. Gambacorta
    20. The impact of monetary policy on bank lending in the Netherlands L. De Haan
    21. The cross-sectional and the time dimension of the bank lending channel: The Austrian case S. Kaufmann
    22. The bank lending channel of monetary policy: identification and estimation using Portuguese micro bank data L. Farinha and C. Robalo Marques
    23. Transmission of monetary policy shocks in Finland: evidence from bank level data on loans J. Topi and J. Vilmunen
    Part IV. Monetary Policy in the Euro Area: Summary and Discussion of the Main Findings:
    24. Monetary policy transmission in the Euro area: where do we stand? I. Angeloni, A. Kashyap, B. Mojon and D. Terlizzese
    25. Discussion B. Bernanke, X Freixas, V. Gaspar and J. von Hagen
    Appendix:
    26. Economic and financial structure in the euro area A-M. Agresti and J. Claessens
    References.

  • Editors

    Ignazio Angeloni, European Central Bank, Frankfurt

    Anil K. Kashyap, University of Chicago

    Benoît Mojon, European Central Bank, Frankfurt

    Contributors

    A.-M. Agresti, B. Mojon, G. Peersman, F. Smets, P. McAdam, J. Morgan, P. van Els, A. Locarno, J.-P. Villetelle, C. Bean, J. Larsen, K. Nikolov, J. B. Chatelain, A. Generale, P. Vermeulen, U. von Kalckreuth, P. Butzen, C. Fuss, A. Tiomo, E. Gaiotti, A. Generale, P. Lunneman, T. Matha. M.Valderrama, M. Ehrmann, J. Martinez-Pagés, P. Sevestre, A. Worms, C. Loupias, F. Savignac, S. Brissimis, N. Kamberoglou, G. Simigiannis, L. Gambacorta, L. De Haan, S. Kaufmann, L. Farinha, C. Robalo Marques, J. Topi, J. Vilmunen, I. Angeloni, A. Kashyap, D. Terlizzese, B. Bernanke, X. Freixas, V. Gaspar, J. von Hagen, J. Claessens

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