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An EMU with Different Transmission Mechanisms?

By San Domenico (fi, C° G. Giovannetti, R. Marimon, Badia Fiesolana, Badia Fiesolana, Giorgia Giovannetti, Giorgia Giovannetti and Ramon Marimon and Ramon Marimon

Abstract

We develop and compute a dynamic equilibrium model where economies differ on the relative efficiency of financial intermediaries and, therefore on households portfolios and currency holdings. Our model economies have some of the features of the different financial structures in countries of the European Union and respond to monetary shocks in a way similar to the observed responses, which we also estimate. It follows that, if differences on the relative efficiency of financial intermediaries persist in a monetary union, conflicts of interests in the pursuit of a common monetary policy can arise

Year: 1998
OAI identifier: oai:CiteSeerX.psu:10.1.1.32.8586
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