400 “Cross-country differences in monetary policy transmission” by

This paper examines possible explanations for observed differences in the transmission of euro area monetary policy, as described by the properties of central bank large-scale macroeconomic models. In particular it considers the extent to which these differences are due to differences in the underlying economies. It finds that, against most yardsticks, the cross-country variation in the results is found to be plausible in the sense that it broadly corresponds with other evidence or observed characteristics of the economies in question