Monetary policy transmission in the Euro area : a study by the Eurosystem Monetary Transmission Network

Preface Introduction Part I. Macroeconometric Evidence on the Transmission Mechanism in the Euro Area: 1. Some stylised facts on the Euro area business cycle A. -M. Agresti and B. Mojon 2. The monetary transmission mechanism in the Euro area: more evidence from VAR analysis G. Peersman and F. Smets 3. A VAR description of the effects of monetary policy in the individual countries of the Euro area B. Mojon and G. Peersman 4. Analysing monetary policy transmission mechanism at the Euro area level: using structural macroeconomic models P. McAdam and J. Morgan 5. The effects of monetary policy in the Euro area: evidence from structural macroeconomic models P. van Els, A. Locarno, J. Morgan and J.-P. Villetelle 6. Financial frictions and the monetary transmission mechanism: theory, evidence and policy implications C. Bean, J. Larsen and K. Nikolov Part II. Firm Investment and Monetary Policy: Evidence from Micro-Economic Data: 7. Firm investment and monetary policy transmission in the Euro area J. B. Chatelain, A. Generale, I. Hernando, P. Vermeulen and U. von Kalckreuth 8. Business investment and monetary transmission in Belgium P. Butzen, C. Fuss and P. Vermeulen 9. Investment and monetary transmission in Germany: a microeconometric investigation U. von Kalckreuth 10. Monetary policy and corporate investment in France J.B. Chatelain and A. Tiomo 11. Monetary policy and firms' investment in Italy E. Gaiotti and A. Generale 12. Monetary transmission: empirical evidence from Luxembourg firm-level P. Lunneman and T. Matha 13. The role of trade credit and bank lending relationships in the transmission mechanism in Austria M. Valderrama Part III. The Role of Banks in the Transmission: Evidence from Micro-Economic Data: 14. Financial systems and the role of banks in monetary policy transmission in the Euro area M. Ehrmann, L. Gambacorta, J. Martinez-Pages, P. Sevestre and A. Worms 15. The reaction of bank lending to monetary policy measures in Germany A. Worms 16. Is there a bank lending channel of monetary policy in Spain? I. Hernando and J. Martinez-Pages 17. Is there a bank lending channel in France? Evidence from bank panel data C. Loupias, F. Savignac and P. Sevestre 18. Is there a bank lending channel of monetary policy in Greece? Evidence from bank level data S. Brissimis, N. Kamberoglou and G. Simigiannis 19. The Italian banking system and a monetary policy transmission: evidence from bank level data L. Gambacorta 20. The impact of monetary policy on bank lending in the Netherlands L. De Haan 21. The cross-sectional and the time dimension of the bank lending channel: The Austrian case S. Kaufmann 22. The bank lending channel of monetary policy: identification and estimation using Portuguese micro bank data L. Farinha and C. Robalo Marques 23. Transmission of monetary policy shocks in Finland: evidence from bank level data on loans J. Topi and J. Vilmunen Part IV. Monetary Policy in the Euro Area: Summary and Discussion of the Main Findings: 24. Monetary policy transmission in the Euro area: where do we stand? I. Angeloni, A. Kashyap, B. Mojon and D. Terlizzese 25. Discussion B. Bernanke, X Freixas, V. Gaspar and J. von Hagen Appendix: 26. Economic and financial structure in the euro area A-M. Agresti and J. Claessens References.