WORKING PAPER SERIES
NO. 309 / FEBRUARY 2004
MONETARY POLICY
SHOCKS IN THE
EURO AREA AND
GLOBAL LIQUIDITY
SPILLOVERS … PAPER SERIES
NO. 309 / FEBRUARY 2004
MONETARY POLICY
SHOCKS IN THE
EURO AREA AND
GLOBAL LIQUIDITY
SPILLOVERS
1
by João … 8
3 Empirical framework 11
4 Two benchmark models for
the euro area 13
5 Global liquidity spillovers 21
6 Conclusion 27 …