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The Transmission of Monetary Policy and Technology Shocks in the Euro Area


Sousa, Joao; Alves, Nuno; Gomes, Sandra; Brito, José Brandão


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Abstract This paper analyzes the response of a set of euro area macroeconomic variables to monetary policy and technology shocks based on structural VARs. The data set runs from 1970Q1 until 2006Q4 and includes a novel long-run series for hours worked per capita in the euro area. We find that real macroeconomic variables follow a hump-shaped response after monetary policy shocks and jump on impact after technology shocks. We also provide evidence that hours worked fall after a positive technology shock. These conclusions are robust to different sample periods and specifications of the variables.
Klassifikation Volkswirtschaftstheorie
Sprache Dokument Englisch
Publikationsjahr 2009
Seitenangabe S. 917-927
Zeitschriftentitel Applied Economics, 43 (2009) 8
DOI http://dx.doi.org/10.1080/00036840802600186
ISSN 1466-4283
Status Postprint; begutachtet (peer reviewed)
Lizenz PEER Licence Agreement (applicable only to documents from PEER project)