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The transmission of monetary policy and technology shocks in the euro area

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This article analyses the response of a set of euro area macroeconomic variables to monetary policy and technology shocks based on structural Vector Auto-regressions (VARs). The data set runs from 1970:1 until 2006:4 and includes a novel long-run series for hours worked per capita in the euro area. We find that real macroeconomic variables follow a hump-shaped response after monetary policy shocks and jump on impact after technology shocks. We also provide evidence that hours worked fall after a positive technology shock. These conclusions are robust to different sample periods and specifications of the variables.

Document Type: Research Article


Affiliations: Banco de Portugal, Rua Almirante Reis No. 71, 1150-012 Lisbon, Portugal

Publication date: March 1, 2011

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