Monetary policy in EMU when the transmission is asymmetric and uncertain

Paul De Grauwe; Marc-Alexandre Sénégas

In this paper we address the issue of how transmission uncertainty could affect the choice between a federal monetary policy based on national data and one on aggregated data. We find that the uncertainty about the transmission process increases the need to take into account information about national economies in the formulation of optimal monetary policies in a monetary union.

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Year of publication:	2003
Authors:	De Grauwe, Paul ; Sénégas, Marc-Alexandre
Publisher:	Munich : Univ., Center for Economic Studies [u.a.]
Subject:	Geldpolitik \| Monetary policy \| Eurozone \| Euro area \| Geldpolitische Transmission \| Monetary transmission \| Soziale Wohlfahrtsfunktion \| Social welfare function \| Theorie \| Theory \| EU-Staaten \| EU countries \| Entscheidung unter Unsicherheit \| Decision under uncertainty \| Europäische Union \| Währungsunion \| Asymmetrische Information

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Extent:	17 S graph. Darst
Series:	CESifo working papers : the international platform of Ludwig-Maximilians University's Center for Economic Studies and the Ifo Institute. - Munich : CESifo, ISSN 1617-9595, ZDB-ID 2023380-2. - Vol. 891
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Notes:	Literaturverz. S. 14 Internetausg.: http://www.cesifo.de/pls/ifo_app/DocLinkCESifoDl?getDoc=cesifo_wp891.pdf
Classification:	E52 - Monetary Policy (Targets, Instruments, and Effects) ; E58 - Central Banks and Their Policies ; F33 - International Monetary Arrangements and Institutions
Source:	ECONIS - Online Catalogue of the ZBW

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