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Federal Reserve Bank of Chicago
Economic Perspectives
Will a common European monetary policy have asymmetric effects?
Luigi Guiso
Anil K. Kashyap
Fabio Panetta
Daniele Terlizzese
Abstract

This article reviews the evidence on differences in the transmission of monetary policy across European countries. The authors argue that the existing evidence, based almost exclusively on macroeconomic data, does not allow one to decide whether a common monetary policy will have asymmetric effects. A first peek at microeconomic data suggests this may be a promising route for further work.


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Luigi Guiso & Anil K. Kashyap & Fabio Panetta & Daniele Terlizzese, "Will a common European monetary policy have asymmetric effects?" , Federal Reserve Bank of Chicago, Economic Perspectives, issue Q IV, pages 56-75, 1999.
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Keywords: Euro ; Euro-dollar market ; European Monetary System (Organization) ; Monetary policy ; European Union
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