메뉴 건너뛰기




Volumn 29, Issue 2, 2004, Pages 383-414

Monetary transmission in Germany: Lessons for the Euro area

Author keywords

Generalised common trends model; Germany; Monetary transmission

Indexed keywords

ERROR CORRECTION; FINANCIAL MARKET; INFLATION; INTEREST RATE; MONETARY POLICY;

EID: 2942605732     PISSN: 03777332     EISSN: None     Source Type: Journal    
DOI: 10.1007/s00181-003-0174-4     Document Type: Article
Times cited : (10)

References (54)
  • 1
    • 0000428367 scopus 로고    scopus 로고
    • Measuring monetary policy with VAR models: An evaluation
    • Bagliano FC, Favero CA (1998) Measuring monetary policy with VAR models: An evaluation. European Economic Review 42:1069-1112
    • (1998) European Economic Review , vol.42 , pp. 1069-1112
    • Bagliano, F.C.1    Favero, C.A.2
  • 2
    • 0035579786 scopus 로고    scopus 로고
    • Comparison of bootstrap confidence intervals for impulse responses of German monetary systems
    • Benkwitz A, Lütkepohl H, Wolters J (2001) Comparison of bootstrap confidence intervals for impulse responses of German monetary systems. Macroeconomic Dynamics 5(1):81-100
    • (2001) Macroeconomic Dynamics , vol.5 , Issue.1 , pp. 81-100
    • Benkwitz, A.1    Lütkepohl, H.2    Wolters, J.3
  • 4
  • 5
    • 0024814096 scopus 로고
    • A traditional interpretation of economic fluctuations
    • Blanchard OJ (1989) A traditional interpretation of economic fluctuations. American Economic Review 79:1146-1164
    • (1989) American Economic Review , vol.79 , pp. 1146-1164
    • Blanchard, O.J.1
  • 6
    • 85016078433 scopus 로고
    • The dynamic effects of aggregate demand and supply disturbances
    • Blanchard OJ, Quah D (1989) The dynamic effects of aggregate demand and supply disturbances. American Economic Review 79:655-673
    • (1989) American Economic Review , vol.79 , pp. 655-673
    • Blanchard, O.J.1    Quah, D.2
  • 7
    • 2942543322 scopus 로고
    • Structural change, unemployment benefits and high unemployment: A US-European comparison
    • de Neubourg C (ed) Elsevier Science Publishers B.V., North-Holland
    • Burda MC (1991) Structural change, unemployment benefits and high unemployment: A US-European comparison, In de Neubourg C (ed) The art of full employment. Elsevier Science Publishers B.V., North-Holland, pp. 399-422
    • (1991) The Art of Full Employment , pp. 399-422
    • Burda, M.C.1
  • 8
    • 0024218902 scopus 로고
    • Assessing high unemployment in West Germany
    • Burda MC, Sachs JD (1988) Assessing high unemployment in West Germany. The World Economy 11(4):543-563
    • (1988) The World Economy , vol.11 , Issue.4 , pp. 543-563
    • Burda, M.C.1    Sachs, J.D.2
  • 9
    • 0034873444 scopus 로고    scopus 로고
    • Some thoughts on monetary targeting vs. inflation targeting
    • Cabos K, Funke M, Siegfried NA (2001) Some thoughts on monetary targeting vs. inflation targeting. German Economic Review 2(3):219-238
    • (2001) German Economic Review , vol.2 , Issue.3 , pp. 219-238
    • Cabos, K.1    Funke, M.2    Siegfried, N.A.3
  • 10
    • 70449089152 scopus 로고    scopus 로고
    • Monetary policy shocks: What have we learned and to what end?
    • Taylor JB, Woodford M (eds) Handbooks in Economics, vol. 15. Elsevier Science, North-Holland, New York
    • Christiano LJ, Eichenbaum M, Evans CL, (1999) Monetary policy shocks: What have we learned and to what end? In Taylor JB, Woodford M (eds) Handbook of macroeconomics, vol. 1A. Handbooks in Economics, vol. 15. Elsevier Science, North-Holland, New York, pp.65-148
    • (1999) Handbook of Macroeconomics , vol.1 A , pp. 65-148
    • Christiano, L.J.1    Eichenbaum, M.2    Evans, C.L.3
  • 12
    • 0000555995 scopus 로고    scopus 로고
    • What do the VARs mean? Measuring the output effects of monetary policy
    • Cochrane JH (1998) What do the VARs mean? Measuring the output effects of monetary policy. Journal of Monetary Economics 41:277-300
    • (1998) Journal of Monetary Economics , vol.41 , pp. 277-300
    • Cochrane, J.H.1
  • 14
    • 0000013567 scopus 로고
    • Cointegration and error correction: Representation, estimation and testing
    • Engle RF, Granger CWJ (1987) Cointegration and error correction: Representation, estimation and testing. Econometrica 55:251-276
    • (1987) Econometrica , vol.55 , pp. 251-276
    • Engle, R.F.1    Granger, C.W.J.2
  • 16
    • 0031753012 scopus 로고    scopus 로고
    • Long run money demand in the EU: Evidence for area-wide aggregates
    • Fagan G, Henry J (1998) Long run money demand in the EU: Evidence for area-wide aggregates. Empirical Economics 23(3):483-506
    • (1998) Empirical Economics , vol.23 , Issue.3 , pp. 483-506
    • Fagan, G.1    Henry, J.2
  • 17
    • 0001558422 scopus 로고
    • The demand for money in the Netherlands and the other EC countries
    • Fase MMG, Winder CCA (1993) The demand for money in the Netherlands and the other EC countries. De Economist 141(4):471-496
    • (1993) de Economist , vol.141 , Issue.4 , pp. 471-496
    • Fase, M.M.G.1    Winder, C.C.A.2
  • 18
    • 0031754592 scopus 로고    scopus 로고
    • Wealth and the demand for money in the European Union
    • Fase MMG, Winder CCA (1998) Wealth and the demand for money in the European Union. Empirical Economics 23(3):507-524
    • (1998) Empirical Economics , vol.23 , Issue.3 , pp. 507-524
    • Fase, M.M.G.1    Winder, C.C.A.2
  • 19
    • 0000599722 scopus 로고    scopus 로고
    • Monetary shocks in the G-6 countries: Is there a puzzle?
    • Fung BSC, Kasumovich M (1998) Monetary shocks in the G-6 countries: Is there a puzzle? Journal of Monetary Economics 42:575-592
    • (1998) Journal of Monetary Economics , vol.42 , pp. 575-592
    • Fung, B.S.C.1    Kasumovich, M.2
  • 20
    • 84940643524 scopus 로고
    • How well does the IS-LM model fit postwar U.S. data?
    • May
    • Gali J (1992) How well does the IS-LM model fit postwar U.S. data? Quarterly Journal of Economics (May):819-840
    • (1992) Quarterly Journal of Economics , pp. 819-840
    • Gali, J.1
  • 22
    • 0037767593 scopus 로고    scopus 로고
    • A systematic framework for analysing the dynamic effects of permanent and transitory shocks
    • Gonzalo J, NgS (2001) A systematic framework for analysing the dynamic effects of permanent and transitory shocks. Journal of Economic Dynamics and Control 25(10):1527-1546
    • (2001) Journal of Economic Dynamics and Control , vol.25 , Issue.10 , pp. 1527-1546
    • Gonzalo Ng.S., J.1
  • 24
    • 0032901528 scopus 로고    scopus 로고
    • Estimation of a German money demand system - A long-run analysis
    • Hubrich K (1999) Estimation of a German money demand system - A long-run analysis. Empirical Economics 24(1):77-99
    • (1999) Empirical Economics , vol.24 , Issue.1 , pp. 77-99
    • Hubrich, K.1
  • 25
    • 2942573463 scopus 로고    scopus 로고
    • Cointegration analysis in a German monetary system
    • Hubrich K (2001) Cointegration analysis in a German monetary system. Physica, Heidelberg New York
    • (2001) Physica, Heidelberg New York
    • Hubrich, K.1
  • 27
  • 28
    • 0031161578 scopus 로고    scopus 로고
    • Monetary targeting in Germany: The stability of monetary policy and of the monetary system
    • Issing O (1997) Monetary targeting in Germany: The stability of monetary policy and of the monetary system. Journal of Monetary Economics 39:67-79
    • (1997) Journal of Monetary Economics , vol.39 , pp. 67-79
    • Issing, O.1
  • 31
    • 17644418464 scopus 로고    scopus 로고
    • The changing role of the German Bundesbank. An empirical analysis of German monetary policy before and after 1983
    • Juselius K (1996) The changing role of the German Bundesbank. An empirical analysis of German monetary policy before and after 1983. Oxford Bulletin of Economics and Statistics 58:791-819
    • (1996) Oxford Bulletin of Economics and Statistics , vol.58 , pp. 791-819
    • Juselius, K.1
  • 33
    • 0344157616 scopus 로고    scopus 로고
    • The Bundesbank's experience of monetary targeting
    • Deutsche Bundesbank (ed) Verlag Vahlen, München
    • König R (1996) The Bundesbank's experience of monetary targeting. In: Deutsche Bundesbank (ed) Monetary strategies in Europe. Verlag Vahlen, München, pp.107-140
    • (1996) Monetary Strategies in Europe , pp. 107-140
    • König, R.1
  • 34
    • 38249014910 scopus 로고
    • Impulse response analysis or cointegrated systems with an application to German money demand
    • Lütkepohl H, Reimers HE (1992) Impulse response analysis or cointegrated systems with an application to German money demand. Journal of Economic Dynamics and Control 16:53-78
    • (1992) Journal of Economic Dynamics and Control , vol.16 , pp. 53-78
    • Lütkepohl, H.1    Reimers, H.E.2
  • 35
    • 0040121677 scopus 로고    scopus 로고
    • A money demand system for German M3
    • Lütkepohl H, Wolters J (1998) A money demand system for German M3. Empirical Economics 23(3):371-386
    • (1998) Empirical Economics , vol.23 , Issue.3 , pp. 371-386
    • Lütkepohl, H.1    Wolters, J.2
  • 36
    • 0002378331 scopus 로고
    • Critical values for co-integration tests
    • Engle R, Granger C (eds) Oxford University Press, Oxford
    • MacKinnon JG (1991) Critical values for co-integration tests. In Engle R, Granger C (eds) Long-run economic relationships. Oxford University Press, Oxford pp. 267-276
    • (1991) Long-run Economic Relationships , pp. 267-276
    • MacKinnon, J.G.1
  • 37
    • 84986397972 scopus 로고
    • Stochastic trends and economic fluctuations in a small open economy
    • Mellander E, Vredin A, Warne A (1992) Stochastic trends and economic fluctuations in a small open economy. Journal of Applied Econometrics 7:368-394
    • (1992) Journal of Applied Econometrics , vol.7 , pp. 368-394
    • Mellander, E.1    Vredin, A.2    Warne, A.3
  • 38
    • 0005458491 scopus 로고
    • Asymptotic distributions of impulse responses, step responses, and variance decompositions of estimated linear dynamic models
    • Mittnik S, Zadrozny P (1993) Asymptotic distributions of impulse responses, step responses, and variance decompositions of estimated linear dynamic models. Econometrica 61:857-870
    • (1993) Econometrica , vol.61 , pp. 857-870
    • Mittnik, S.1    Zadrozny, P.2
  • 41
    • 0031525188 scopus 로고    scopus 로고
    • Asymptotic inference on the moving average impact matrix in cointegrated 1(1) systems
    • Paruolo P (1997) Asymptotic inference on the moving average impact matrix in cointegrated 1(1) systems. Econometric Theory 13:79-118
    • (1997) Econometric Theory , vol.13 , pp. 79-118
    • Paruolo, P.1
  • 42
    • 0000899296 scopus 로고
    • The great crash, the oil price shock, and the unit root hypothesis
    • Perron P (1989) The great crash, the oil price shock, and the unit root hypothesis. Econometrica 57(6):1361-1401
    • (1989) Econometrica , vol.57 , Issue.6 , pp. 1361-1401
    • Perron, P.1
  • 43
    • 0000836247 scopus 로고
    • Econometric analysis of aggregation in the context of linear prediction models
    • Pesaran MH, Pierse RG, Kumar MS (1989) Econometric analysis of aggregation in the context of linear prediction models. Econometrica 57:861-888
    • (1989) Econometrica , vol.57 , pp. 861-888
    • Pesaran, M.H.1    Pierse, R.G.2    Kumar, M.S.3
  • 44
    • 0347392838 scopus 로고    scopus 로고
    • Do measures of monetary policy in a VAR make sense?
    • Rudebusch GD (1998) Do measures of monetary policy in a VAR make sense? International Economic Review 39(4):907-931
    • (1998) International Economic Review , vol.39 , Issue.4 , pp. 907-931
    • Rudebusch, G.D.1
  • 45
    • 0040954806 scopus 로고    scopus 로고
    • Testing for the cointegrating rank of a VAR process with structural shifts
    • Saikkonen P, Lütkepohl H (2000) Testing for the cointegrating rank of a VAR process with structural shifts. Journal of Business and Economics Statistics 18(4):451-464
    • (2000) Journal of Business and Economics Statistics , vol.18 , Issue.4 , pp. 451-464
    • Saikkonen, P.1    Lütkepohl, H.2
  • 46
    • 0042444994 scopus 로고
    • Interest rate policy of the Deutsche Bundesbank: An econometric analysis for 1975 to 1992
    • Schächter A, Stokman ACJ (1995) Interest rate policy of the Deutsche Bundesbank: An econometric analysis for 1975 to 1992. De Economist 143:475-494
    • (1995) de Economist , vol.143 , pp. 475-494
    • Schächter, A.1    Stokman, A.C.J.2
  • 47
    • 0000997472 scopus 로고
    • Macroeconomics and reality
    • Sims CA (1980) Macroeconomics and reality. Econometrica 48:1-48
    • (1980) Econometrica , vol.48 , pp. 1-48
    • Sims, C.A.1
  • 48
    • 0033384609 scopus 로고    scopus 로고
    • The exchange rate and the monetary transmission mechanism in Germany
    • Smets F, Wouters R (1999) The exchange rate and the monetary transmission mechanism in Germany. De Economist 147(4):489-521
    • (1999) de Economist , vol.147 , Issue.4 , pp. 489-521
    • Smets, F.1    Wouters, R.2
  • 50
    • 0005543517 scopus 로고    scopus 로고
    • Price stability vs. low inflation in Germany: An analysis of costs and benefits
    • Feldstein M (ed) (NBER Conference Report Series). University of Chicago Press, Chicago
    • Tödter KH, Ziebarth G (1999) Price stability vs. low inflation in Germany: An analysis of costs and benefits. In Feldstein M (ed) The costs and benefits of price stability (NBER Conference Report series) University of Chicago Press, Chicago, pp. 47-94
    • (1999) The Costs and Benefits of Price Stability , pp. 47-94
    • Tödter, K.H.1    Ziebarth, G.2
  • 51
    • 7244257299 scopus 로고    scopus 로고
    • On the asymptotic distribution of impulse response functions with long-run restrictions
    • in press
    • Vlaar PJG (in press) On the asymptotic distribution of impulse response functions with long-run restrictions. Economic Theory
    • Economic Theory
    • Vlaar, P.J.G.1
  • 52
    • 2942611232 scopus 로고    scopus 로고
    • Monetary transmission and controllability of money in Europe: A structural vector error correction approach (Staff Reports 36)
    • Vlaar PJG, Schuberth H (1999) Monetary transmission and controllability of money in Europe: A structural vector error correction approach (Staff Reports 36), De Nederlandsche Bank, http://www.dnb.nl
    • (1999) de Nederlandsche Bank
    • Vlaar, P.J.G.1    Schuberth, H.2
  • 53
    • 0031427981 scopus 로고    scopus 로고
    • The stability of European money demand: An investigation of M3H
    • Wesche K (1997) The stability of European money demand: An investigation of M3H. Open Economies Review 8(4):371-391
    • (1997) Open Economies Review , vol.8 , Issue.4 , pp. 371-391
    • Wesche, K.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.