In this paper, we focus on the effect of spillovers in monetary policy in the period 2004–2017. Firstly, we calculate shadow rates that measure the monetary stances for each country analysed. Then, by using the approach of spatial dynamic panel, we account for the presence of potential spillovers in the Eurozone, both in the long and short run, while controlling for the main channels regulating the monetary stances. Results confirm that monetary policy is largely affected by the presence of spillovers due to proximity in the business cycles and this effect should be considered to manage the effects of monetary policy in different European economies.

中文翻译：

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欧元区的影子率和溢出效应：空间动态面板模型

在本文中，我们关注2004-2017年期间货币政策的溢出效应。首先，我们计算影子汇率，以衡量所分析的每个国家的货币立场。然后，通过使用空间动态面板方法，我们考虑了长期和短期内欧元区潜在溢出的可能性，同时控制了调节货币立场的主要渠道。结果证实，由于商业周期的临近，货币政策在很大程度上受到溢出影响的影响，应考虑这种影响来管理货币政策在不同欧洲经济体中的影响。