Will a Common European Monetary Policy Have Asymmetric Effects?
Luigi Guiso, Anil K Kashyap, Fabio Panetta, Daniele Terlizzese
This article reviews the evidence on differences in the transmission of monetary policy across European countries. The authors argue that the existing evidence, based almost exclusively on macroeconomic data, does not allow one to decide whether a common monetary policy will have asymmetric effects. A first peek at microeconomic data suggests this may be a promising route for further work.
