| Ramaswamy, R. and T. Sloek, 1998, The real effects of monetary policy in the European union: What are the differences ?, IMF Staff Papers, vol 45, 2. |
....side of the transmission process. Since Franco Modigliani (1963) the monetary mechanism has been described to consist of two parts: the financial market reaction and the wage price mechanism. While many recent studies have been examining the impact of monetary policies on the real economy (e.g. Ramaswany and Sloek 1997) our study concentrates on the financial market reaction. There are a number of good reasons to do so: First, while there is evidence that the wage price process is different across Europe, the Lucas principle suggests that this very process may adopt to the European focus of the ECB s monetary ....
Ramaswany, R. and T. Sloek, 1997, The real effects of monetary policy in the European Union: What are the differences?, IMF Working Paper 97/160.
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Ramaswamy, R. and T. Sloek, 1998, The real effects of monetary policy in the European union: What are the differences ?, IMF Staff Papers, vol 45, 2.
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