Changing monetary transmission mechanisms within the EU |
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| Authors: | Katarina Juselius |
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| Affiliation: | (1) Institute of Economics, University of Copenhagen, DK-1169 Copenhagen, Denmark;(2) Economics Department, European University Institute, Via die Roccettini 9, I-50016 San Domenico, Italy |
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| Abstract: | ![]()
The paper presents a comparative analysis of monetary transmission mechanisms and changes in them after the  secondERM in March 1983. The empirical model investigates the determination of money, income, prices, and interest rates in Germany, Denmark, and Italy based on the cointegratedVAR model. It provides empirical results on the macroeconomic effects of joining theERM and financial deregulation. |
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| Keywords: | Cointegration long-run impact money demand IS-LM monetary policy capital liberalization |
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