TY  - JOUR
AU  - Uhlig, Harald
TI  - Monetary policy in Europe vs the US: what explains the difference?
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 14996
PY  - 2009
Y2  - May 2009
DO  - 10.3386/w14996
UR  - http://www.nber.org/papers/w14996
L1  - http://www.nber.org/papers/w14996.pdf
N1  - Author contact info:
Harald Uhlig
Dept. of Economics
University of Chicago
1126 E 59th Street
Chicago, IL 60637
Tel: 773/702-3702
Fax: 773/702-8490
E-Mail: huhlig@uchicago.edu
M1  - published as Harald Uhlig. "Monetary Policy in Europe versus the United States: What Explains the Difference?," in Jordi Galí and Mark J. Gertler, editors, "International Dimensions of Monetary Policy " University of Chicago Press (2009)

M3  - presented at "International Dimensions of Monetary Policy Conf.", June 11-13, 2007
AB  - This paper compares monetary policy in the US and EMU during the last decade, employing an estimated hybrid New Keynesian cash-in-advance model, driven by five shocks.  It appears that the difference between the two monetary policies between 1998 and 2006 is due to both surprises in productivity as well as surprises in wage demands, moving interest rates in opposite directions in Europe and the US, but not due to a more sluggish response in Europe to the same shocks or to different monetary policy surprises.
ER  -