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Researching on the Economic Effects of Monetary Policy Transmission in Euro Area

Author: LiZuoZuo
Tutor: ChengXinXuan
School: Hebei University
Course: World economy
Keywords: Euro area monetary policy transmission regional differences asymmetric effect
CLC: F113
Type: Master's thesis
Year: 2010
Downloads: 279
Quote: 2
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Abstract


Since the Euro was born , European Central Bank initiates the single monetary policy to control different countries in Euro area. However ,this could not cover up the deficiencies inherent in it.The Euro area is not the optimal currency area,the sixteen member countries joins in the Euro area which is a non-sovereign currency union,but there are differencs about the member countries′economic structure ,financial structure ,the response characteristics of supply and demand ,and the degree of contribution of member countries having a role in setting the single monetary policy. This makes the single monetary policy difficult to take into account the whole economy in Euro area . Under the impact of the single monetary policy ,member countries face different problems based on these area differences, thus this needs diffentent monetary policy to control their economy. However , the ECB can only make a final policy,this leads to the monetary policy meeting the interests of some member countries ,but hinders the development of other countries .Then every country generates different economic effects, that is regional asymmetric effect. Initially, Stability and Growth Pact constrainting on the finance of Euro-zone members restraints its space of economic adjustment . In this way, the important task of stabilizing the economy, controlling economic recession depends on the a unified monetary policy made by the European Central Bank.When facing such economic difficulties, the monetary policy appears unable to control in Euro area. Regional asymmetric effect is very obvious and it hindered the normal operation of the Euro,seriously. Therefore, the study to improving the effectiveness of monetary policy in Euro area bedeutens the practical and key significance .At first ,this paper analyzes the Euro area is not the optimal currency area, then takes monetary policy transmission mechanism as a starting point .Besides this, the paper compares and analyzes the regional characteristics of the monetary policy transmission in Euro area through establishing the IS-LM model. Further more ,the paper takes Germany and Greece as an examle to research the specific expressions of non-symmetrical effect which generated by the monetary policy in Euro area . Then ,this paper studies the reasons of the regional asymmetric effect caused monetary policy transmission in Euro area,and deeply understands the asymmetric effect of conduction of the monetary policy across the country because of the regional differences among member countries in Euro area.Finally, the article based on the regional differences among member countries in Euro area, gives some advice about cooperating central bank’s monetary policy with fiscal policies in member countries; executing a flexible fiscal policy;ajusting the economic interests of member countries harmoniously rationalize transmission channels of monetary policy in the Euro area.

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CLC: > Economic > The world economic profiles,economic history,economic geography > The world economy, international economic relations > The world economy
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