IER SAS Seminar – 05. 10. 2026 at 10:00 – Miklós Váry

Dear All,

we are pleased to invite you to another Seminar in Empirical Economics taking place at the library of the Institute of Economic Research of the Slovak Academy of Sciences (IER SAS), on:

October 05, 2026 (Monday) at 10:00 – 11:30

This time, the invitation has been accepted by:

Miklós Váry
(Corvinus University of Budapest, Hungary),

delivering a presentation titled:

“Monetary Policy Effectiveness across Euro Area Countries:
A Bayesian Vector Autoregressive Analysis”

Abstract:
This paper revisits the question of how heterogeneously the European Central Bank’s (ECB’s) monetary policy shocks transmit to the economies of individual Euro Area (EA) member states. Compared to earlier studies, it makes use of a longer sample, thereby utilizing data from more member states and from time periods, when the zero lower bound on the policy rate was binding. The series of common structural monetary policy shocks is identified using a sign-restricted Bayesian vector autoregressive (BVAR) model. Then, it is used as an instrument in country-specific BVARs to estimate member states’ output and price level responses to the same shocks. The ECB’s monetary policy is found to be typically more effective in influencing the economic activities of more developed countries than those of less developed ones. However, most of these cross-country differences are not found to be significant statistically. Even less cross-country heterogeneity is revealed in terms of price level effects. All this implies that cross-country asymmetries in the monetary transmission mechanism are not likely to prevent the ECB from designing a common monetary policy that is optimal for the individual Euro Area member states, as well as the monetary union as a whole. Suboptimalities may still arise from asymmetric shocks hitting the member countries.

The seminar will be organized in a hybrid form – for those interested, the speaker and a couple of discussants will be present in the library of IER SAS.

Link:
https://teams.microsoft.com/l/meetup-jo ... d04a%22%7d

In-person bilateral meetings with the speaker will be possible after the seminar. If you are interested, please book a specific time slot using the following link:
https://doodle.com/sign-up-sheet/partic ... c4c/select

If you know of anyone who might be interested in this topic, please forward this information on.

More information about the seminars can be found at:
https://ekonom.sav.sk/en/empiricke-seminare11

If you prefer not to receive seminar invitations, please feel free to reach out to:
maria.lackova@savba.sk