This paper presents forecasts for eight European Union member states for the years 1998 and 1999 based on the macroeconomic structural model EUROMON of the Nederlandsche Bank. In the baseline projection the economic effects of a fall in Asian economic growth resulting from the financial-economic...

This paper uses disaggregated data on bank balance sheets to test the existence of credit channels of monetary policy transmission in a broad sense in Europe for the years 1990-1995. On the basis of a theoretical model, it is argued that the existence of a bank lending channel implies that banks...

This paper provides a brief overview of the main issues at stake related to institutional structure and monetary transmission in Europe. We argue that differences in institutional arrangements, both economic and legal, are potential causes of differences in monetary transmission mechanisms among...

This paper studies the macroeconomic relevance of credit channels of monetary policy by examining the impact of the external finance premium (EFP), which may vary over the business cycle, on private consumption in Europe. A consumption model incorporates credit channels by assuming that...