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Monetary policy in Europe vs the US: what explains the difference? / Harald Uhlig.
- Format:
- Book
- Author/Creator:
- Uhlig, Harald.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w14996.
- NBER working paper series no. w14996
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Monetary policy in Europe vs the US
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2009.
- Summary:
- 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.
- Notes:
- Print version record
- May 2009.
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