| 000 | 02306cam a22003617 4500 | ||
|---|---|---|---|
| 001 | w9985 | ||
| 003 | NBER | ||
| 005 | 20211020112925.0 | ||
| 006 | m o d | ||
| 007 | cr cnu|||||||| | ||
| 008 | 210910s2003 mau fo 000 0 eng d | ||
| 100 | 1 | _aAngeloni, Ignazio. | |
| 245 | 1 | 4 |
_aThe Output Composition Puzzle: _bA Difference in the Monetary Transmission Mechanism in the Euro Area and U.S. / _cIgnazio Angeloni, Anil K. Kashyap, Benoit Mojon, Daniele Terlizzese. |
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_aCambridge, Mass. _bNational Bureau of Economic Research _c2003. |
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_a1 online resource: _billustrations (black and white); |
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| 490 | 1 |
_aNBER working paper series _vno. w9985 |
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| 500 | _aSeptember 2003. | ||
| 520 | 3 | _aWe revisit recent evidence on how monetary policy affects output and prices in the U.S. and in the euro area. The response patterns to a shift in monetary policy are similar in most respects, but differ noticeably as to the composition of output changes. In the euro area investment is the predominant driver of output changes, while in the U.S. consumption shifts are significantly more important. We dub this difference the output composition puzzle and explore its implications and several potential explanations for it. While the evidence seems to point at differences in consumption responses, rather than investment, as the proximate cause for this fact, the source of the consumption difference remains a puzzle. | |
| 530 | _aHardcopy version available to institutional subscribers | ||
| 538 | _aSystem requirements: Adobe [Acrobat] Reader required for PDF files. | ||
| 538 | _aMode of access: World Wide Web. | ||
| 588 | 0 | _aPrint version record | |
| 690 | 7 |
_aE21 - Consumption • Saving • Wealth _2Journal of Economic Literature class. |
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| 690 | 7 |
_aE22 - Investment • Capital • Intangible Capital • Capacity _2Journal of Economic Literature class. |
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| 700 | 1 | _aKashyap, Anil K. | |
| 700 | 1 |
_aMojon, Benoit. _916933 |
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| 700 | 1 | _aTerlizzese, Daniele. | |
| 710 | 2 | _aNational Bureau of Economic Research. | |
| 830 | 0 |
_aWorking Paper Series (National Bureau of Economic Research) _vno. w9985. |
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| 856 | 4 | 0 | _uhttps://www.nber.org/papers/w9985 |
| 856 |
_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w9985 |
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_2ddc _cW-PAPER |
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_c338189 _d296751 |
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