01806cas a2200265 a 4500 AALejournalIMF007454 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451857719 1018-5941 BD-DhAAL BD-DhAAL Ramaswamy, Ramana. The Real Effects of Monetary Policy in the European Union : What Are the Differences? / Ramana Ramaswamy, Torsten Sloek. Washington, D.C. : International Monetary Fund, 1997. 1 online resource (25 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The main finding of this paper is that the European Union (EU) countries fall into two broad groups according to the effects of monetary policy adjustments on economic activity. Estimates based on a vector autoregression model indicate that the full effects of a contractionary monetary shock on output in one group of EU countries (Austria, Belgium, Finland, Germany, Netherlands, and United Kingdom) take roughly twice as long to occur, but are almost twice as deep as in the other group (Denmark, France, Italy, Portugal, Spain, and Sweden). The paper discusses the implications of these results for the effective conduct of monetary policy in the euro area. Mode of access: Internet France imf Sloek, Torsten. IMF Working Papers; Working Paper ; No. 1997/160 Full text available on IMF http://elibrary.imf.org/view/journals/001/1997/160/001.1997.issue-160-en.xml IMF e-Library