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Title: The output composition puzzle
Title (other): a difference in the monetary transmission mechanism in the euro area and U.S
Abstract
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. [Ignazio Angeloni, Anil K. Kashyap, Benoît Mojon and Daniele Terlizzese]
Author: Angeloni, Ignazio | Kashyap, Anil K. | Mojon, Benoît | Terlizzese, Daniele
Series Title: Working paper series / European Central Bank ; 268
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: EU countriesMonetary PolicyAggregate ProductionAggregate consumptionMonetary transmissionUnited States
Countries Scheme: USA
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int)
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