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Erschienen in:
2001 | OriginalPaper | Buchkapitel
Asymmetric Degrees of Openness and Monetary Transmission in Europe
verfasst von : Volker Clausen
Erschienen in: Asymmetric Monetary Transmission in Europe
Verlag: Springer Berlin Heidelberg
Enthalten in: Professional Book Archive
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As outlined in Chapter 2, asymmetries in the degrees of openness may also explain why EMU member countries behave differently in response to the common monetary policy by the ECB. Monetary policy is widely expected to have a stronger impact on output, the more open the economy is toward the rest of the world.1 Against this background, this chapter systematically explores in a theoretical model of a monetary union the role of asymmetric degrees of openness.