Monetary and fiscal policy transmission in the Euro-area: evidence from a structural VAR analysis |
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| Authors: | Bas van Aarle Harry Garretsen Niko Gobbin |
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| Affiliation: | a LICOS, University of Leuven, Debériotstraat 34, Leuven 3000, Belgium;b Department of Applied Economics, University of Nijmegen, P.O. Box 9108, HK, Nijmegen 6500, The Netherlands;c Utrecht School of Economics, Utrecht University, Vredenburg 138, BG, Utrecht 3511, The Netherlands;d Department of General Economics, Faculty of Economics and Business Administration, Ghent University, Hoveniersberg 24, Gent 9000, Belgium |
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| Abstract: | This paper studies the transmission of monetary and fiscal policy in the Euro-area. To do so, structural VAR models are estimated. First, the EMU countries are considered as an aggregate entity and the estimation results are compared with those for the US and Japan. Attention is also paid to interaction of macroeconomic policies and the effects of shocks in financial markets. As a next step, SVARs are estimated for the individual EMU countries to analyze cross-country differences. It turns out that, compared to the EMU aggregate, individual EU countries react rather differently to monetary and fiscal policy shocks. |
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| Keywords: | EMU Fiscal policy Monetary policy |
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