Search Results
Journal Article
The role of banks in monetary policy: a survey with implications for the European Monetary Union
This article begins with a review of the growing literature on the role of banks in the transmission of monetary policy. The authors then discuss the implications of this literature for the operation of monetary policy in the European monetary union.
Working Paper
Evidence on q and investment for Japanese firms
Conference Paper
The output composition puzzle: a difference in the monetary transmission mechanism in the euro area and United States
We revisit recent evidence on how monetary policy affects output and prices in the U.S. and in the euro area. The response patterns to a shift in monetary policy are similar in most respects, but differ noticeably as to the composition of output changes. In the euro area investment is the predominant driver of output changes, while in the U.S. consumption shifts are significantly more important. We dub this difference the output composition puzzle and explore its implications and several potential explanations for it.