The study looks at how monetary policy affects different countries in the euro area. It finds that even with the same policy, the impact on each country's economy can vary. By analyzing common reaction functions, the researchers show that differences in how countries respond to monetary policy can lead to different outcomes. They also measure the effects of monetary policy on prices and output. The study concludes that the credit, exchange rate, and interest rate channels of monetary transmission have varying strengths in different euro area countries.