Do Euro area countries respond asymmetrically to the common monetary policy?

We investigate the possible existence of asymmetries among Euro Area countries reactions to the European Central Bank monetary policy. Our analysis is based on a Structural Dynamic Factor model estimated on a large panel of quarterly variables including data on the aggregate Euro Area, as well as country-specific key economic variables. We find that member states react asymmetrically in terms of prices and unemployment, while no difference appears in terms of output. These results seem to be the consequence of structural local socio-economic factors, rather than of European Central Bank policies.