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Unraveling monetary policy impacts beyond the mean: insights from the Euro Area
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| 1.26 MB | Adobe PDF |
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Resumo(s)
This study investigates the heterogeneous effects of monetary policy shocks across economic
states in the Euro Area, introducing a novel QSVAR methodology to analyze asymmetric
responses in expansions and recessions. The analysis reveals that monetary tightening reduces
real GDP and inflation during expansions but counterintuitively stimulates both during
recessions. Furthermore, unemployment dynamics are shown to be predominantly shaped by
structural labor market rigidities, and significant heterogeneity across member countries is
observed. These results deepen our understanding of key macroeconomic dynamics and
highlight the need for a refined, state-aware approach to monetary policy design, enhancing
economic stability and policy effectiveness across the Euro Area.
Descrição
Palavras-chave
QSVAR QIRF Monetary policy shocks Heterogeneous effects Euro Area