The Impact of the European Central Bank’s Monetary Policy on the Euro Area Countries Economies in the Years 1999–2016

Abstract

The aim of the study is to compare the impact of the ECB’s monetary impulse on the euro area member states’ economies at different time intervals. The paper is divided into three major parts. In the first part was described the theoretical aspects of the functioning of the ECB’s monetary policy transmission mechanism. In the second part was presented a review of literature on asymmetries that occurring in the single monetary policy transmission mechanism. Then the research methodology and results of the estimation was contained. The essay was concluded with a summary in which it was pointed out that the single interest rate policy has a different impact on the real sphere of the euro area member states’ economies.

Keywords

• polityka pieniężna
• mechanizm transmisji polityki pieniężnej
• panelowy model VAR