Using two estimated models for the euro area and the United States, this paper investigates whether the observed …

We first estimate the effects of an euro area-wide monetary policy change on output growth in eleven industries of … seven euro area countries over the period 1980-1998. On average the negative effect of an interest rate tightening on output …

developments in the euro area since the adoption of the euro in 1999, going through four cyclical phases "conditioning" ECB …