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Common directives, heterogeneous results. Why the crisis of the early 2000’s impacted the Euro members differently.

Stevens, Julien
(2022)

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Stevens_03581500_2022.pdf
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Details

Supervisors
Rychalovska, Yulia
Faculty
Faculté des sciences économiques, sociales, politiques et de communication
Degree label
Master [120] en sciences économiques, orientation générale, à finalité spécialisée
Abstract
In this thesis, I studied and document the divergence of eight different EMU’s members with their needs in monetary policy represented by the Taylor’s rate. I also explained the factor behind these divergences and why they impact the transmission of the ECB’s monetary policy. I highlight the importance of divergence in monetary policy transmission, the degree of financial stress, the inflation expectation and other factors to explain the divergence in Taylor’s rate mong a sample of eight countries. Finally, I made suggestions on how to improve the resilience of the EMU toward asymmetric shock that may exacerbate these divergences based on the theory of the Optimal currency area.