Weber, Axel A; Gerke, Rafael; Worms, Andreas - Bank for International Settlements (BIS) - 2009
Empirical evidence on whether the euro area monetary transmission process has changed is, at best, mixed. We argue that … off-setting effects regarding the overall effectiveness of monetary policy, leaving open the question whether the ability … of monetary policy to control inflation has been altered. In order to shed light on this issue, we investigate whether …