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来源类型Working Paper
规范类型报告
DOI10.3386/w9985
来源IDWorking Paper 9985
The Output Composition Puzzle: A Difference in the Monetary Transmission Mechanism in the Euro Area and U.S.
Ignazio Angeloni; Anil K. Kashyap; Benoit Mojon; Daniele Terlizzese
发表日期2003-09-22
出版年2003
语种英语
摘要We revisit recent evidence on how monetary policy affects output and prices in the U.S. and in the euro area. The response patterns to a shift in monetary policy are similar in most respects, but differ noticeably as to the composition of output changes. In the euro area investment is the predominant driver of output changes, while in the U.S. consumption shifts are significantly more important. We dub this difference the output composition puzzle and explore its implications and several potential explanations for it. While the evidence seems to point at differences in consumption responses, rather than investment, as the proximate cause for this fact, the source of the consumption difference remains a puzzle.
主题Macroeconomics ; Consumption and Investment
URLhttps://www.nber.org/papers/w9985
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/567610
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Ignazio Angeloni,Anil K. Kashyap,Benoit Mojon,et al. The Output Composition Puzzle: A Difference in the Monetary Transmission Mechanism in the Euro Area and U.S.. 2003.
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