| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4661 |
| DP4661 Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries | |
| Timothy Lane; Francesco Caselli; Silvia Ardagna | |
| 发表日期 | 2004-10-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | This Paper studies empirically the transmission mechanism of European monetary policy by means of time-varying, heterogenous coefficient models estimated in a numerical Bayesian fashion. Based on pre-EMU evidence from Germany, France, Italy, and Spain, we find that (i) the long-run cumulative impact on output of a common, homoskedastic monetary policy shock has decreased in all countries after 1991. These declines are statistically significant and accompanied by some changes in the conduct of monetary policy over the same period. At the same time, we also find that (ii) cross-country differences in the effects of the shock analysed have not decreased over time. |
| 主题 | International Macroeconomics |
| 关键词 | European monetary policy Bayesian estimation Gibbs sampling Time-varying coefficient model Transmission mechanism |
| URL | https://cepr.org/publications/dp4661 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533582 |
| 推荐引用方式 GB/T 7714 | Timothy Lane,Francesco Caselli,Silvia Ardagna. DP4661 Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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