The Role of Money and Monetary Policy in Crisis Periods: The Euro Area Case
The Role of Money and Monetary Policy in Crisis Periods: The Euro Area Case
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货币和货币政策在危机时期的作用：欧元区案例
DOI：
10.2139/ssrn.2328168
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发表时间：
2012
期刊：
影响因子：
--
通讯作者：
André Fourçans
中科院分区：
文献类型：
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作者：
Jonathan Benchimol;André Fourçans
在本文中，我们测试了欧元区的两个模型，特别强调了货币和货币政策在危机中的作用。货币和消费之间的可分离性的作用进行了进一步研究，我们分析了欧元区经济在三个不同的危机：1992年，2001年和2007年。我们发现，在危机期间，货币在解释产出变化方面发挥了相当重要的作用，而与此同时，货币政策对产出的作用显着下降。此外，我们发现，消费和货币之间的不可分离的模型有更好的预测性能比基线分离模型在危机时期。
In this paper, we test two models of the Eurozone, with a special emphasis on the role of money and monetary policy during crises. The role of separability between money and consumption is investigated further and we analyse the Euro area economy during three different crises: 1992, 2001 and 2007. We find that money has a rather significant role to play in explaining output variations during crises whereas, at the same time, the role of monetary policy on output decreases significantly. Moreover, we find that a model with non-separability between consumption and money has better forecasting performance than a baseline separable model over crisis periods.