Autori
Giovanetti, Giorgia
Marimon, Ramon

Titolo
An EMU with different transmission mechanism?
Periodico
European University Institute of Badia Fiesolana (Fi). Department of Economics - Working papers
Anno: 1998 - Fascicolo: 33 - Pagina iniziale: 1 - Pagina finale: 46

We develop and compute a dynamic equilibrium model where economies differ on the relative efficiency of financial intermediaries and, therefore on households portfolios and currency holdings. Our model economies have some of the features of the different financial structures in countries of the European Union and respond to monetary shocks in a way similar to the observed responses, which we also estimate. It follows that, if differences on the relative efficiency of financial intermediaries persist in a monetary union, conflicts of interests in the pursuit of a common monetary policy can arise.



Testo completo: http://www.iue.it/ECO/WP-Texts/ECO98-33.pdf

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