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Economic Perspectives, 23, 4th, No. 4, November 1999
Will a Common European Monetary Policy Have Asymmetric Effects?
This article reviews the evidence on differences in the transmission of monetary policy across European countries. The authors argue that the existing evidence, based almost exclusively on macroeconomic data, does not allow one to decide whether a common monetary policy will have asymmetric effects. A first peek at microeconomic data suggests this may be a promising route for further work.


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