The Output Composition Puzzle: A Difference in the Monetary Transmission Mechanism in the Euro Area and U.S.

Ignazio Angeloni · Anil Kashyap · Benoı̂t Mojon · Daniele Terlizzese

97 citations0/0 files storedNational Bureau of Economic Research

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Monetary Policy and Economic Impact Global Financial Crisis and Policies Economic theories and models

Abstract

Flint Brayton and Chris Erceg are thanking for running the FRB/US simulations that we report.Frank Smets and Raf Wouters are thanked for sharing with us the programs with which we ran simulations of the Smets-Wouters DSGE model.We also thank Jennifer Roush for assistance in calculating the standard errors in the Gordon and Leeper model and Andrea Gerali

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1983Staggered prices in a utility-maximizing framework 1975MONOPOLISTIC COMPETITION AND OPTIMUM PRODUCT DIVERSITY 1995Inside the Black Box: The Credit Channel of Monetary Policy Transmission 1998Monetary Policy Shocks: What Have We Learned and to What End?1992Interpreting the macroeconomic time series facts 1998Measuring Monetary Policy 1992Whom or What Does the Representative Individual Represent?2002Has the Business Cycle Changed and Why?

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