Monetary policy in Europe vs the US: what explains the difference?

No 14996, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper compares monetary policy in the US and EMU during the last decade, employing an estimated hybrid New Keynesian cash-in-advance model, driven by five shocks. It appears that the difference between the two monetary policies between 1998 and 2006 is due to both surprises in productivity as well as surprises in wage demands, moving interest rates in opposite directions in Europe and the US, but not due to a more sluggish response in Europe to the same shocks or to different monetary policy surprises.

JEL-codes: E32 E50 E52 E58 E63 (search for similar items in EconPapers)
Date: 2009-05
New Economics Papers: this item is included in nep-cba, nep-eec, nep-mac and nep-mon
Note: EFG ME
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8)

Published as Monetary Policy in Europe versus the United States: What Explains the Difference? , Harald Uhlig. in International Dimensions of Monetary Policy , Galí and Gertler. 2009

Downloads: (external link)
http://www.nber.org/papers/w14996.pdf (application/pdf)

Related works:
Working Paper: Monetary policy in Europe vs the US: what explains the difference? (2007)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:14996

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w14996

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().