Inflation differentials in the Euro area: did the ECB care?

被引：19
|
作者：
Fendel, R. [1 ]
Frenkel, M. [2 ]
机构：
[1] Otto Beisheim Sch Management, Dept Econ, D-56179 Vallendar, Germany
[2] WHU Otto Beisheim Sch Management, Econ Grp, D-56179 Vallendar, Germany
来源：
APPLIED ECONOMICS | 2009年 / 41卷 / 10期
关键词：
MONETARY-POLICY RULES;
D O I：
10.1080/00036840701522838
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Compared to inflation differentials among regions in the United States, European Monetary Union (EMU) inflation differentials are larger and more persistent. Based on augmented monetary policy reactions functions, this article addresses the question whether the presence of pronounced inflation differentials in combination with low average inflation rates has influenced monetary policy decisions of the ECB. The article finds statistical evidence that the ECB took inflation differentials into account which may reflect the fear of deflation in low inflation countries like Germany.
引用
收藏
页码：1293 / 1302
页数：10
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