01975cas a2200253 a 4500 AALejournalIMF008077 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451847529 1018-5941 BD-DhAAL BD-DhAAL Ciccarelli, Matteo. The Transmission Mechanism of European Monetary Policy : Is There Heterogeneity? Is it Changing over Time? / Matteo Ciccarelli, Alessandro Rebucci. Washington, D.C. : International Monetary Fund, 2002. 1 online resource (42 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 This paper investigates the transmission mechanism of monetary policy in the four largest euro area countries by means Bayesian estimation of dynamic econometric models. Based on pre-EMU evidence from Germany, France, Italy, and Spain, we show that: (i) there are differences in the timing of the effects of monetary policy on economic activity, but their cumulative impact after two years is rather homogeneous; (ii) the transmission mechanism seems to have changed over time in the run-up to EMU but its degree of heterogeneity has not decreased; (iii) the "European-wide" effects of monetary policy may have become faster in the second half of the 1990s. We interpret this evidence by conjecturing that the transmission mechanism of monetary policy had already become relatively homogenous in the second part of the 1990s. Mode of access: Internet Rebucci, Alessandro. IMF Working Papers; Working Paper ; No. 2002/054 Full text available on IMF http://elibrary.imf.org/view/journals/001/2002/054/001.2002.issue-054-en.xml IMF e-Library