Monetary policy in the Euro area - Lessons from the first years

被引：0

作者：

Clausen V. ^{[1
]}

Hayo B. ^{[2
]}

机构：

[1] Department of Economics, University of Duisburg-Essen, 45117 Essen, Campus Essen

[2] Department of Economics, Philipps-University Marburg

来源：

International Economics and Economic Policy | 2005年 / 1卷 / 4期

关键词：

European Monetary Union; Monetary policy; Reaction function; Semi-structural modelling; Taylor rule; Transmission mechanism;

D O I：

10.1007/s10368-004-0024-7

中图分类号：

学科分类号：

摘要：

This paper investigates in a consistent semi-structural empirical framework three current issues of monetary policy in the euro area. First, regarding policy transmission we offer a three-stage procedure to combine the estimation of economic structure prior current ECB monetary policy. Second, we test whether the regime change leads - before or after - EMU to structural instability. Third, we investigate the stance of monetary policy in Europe. We compare a "counterfactual" ECB reaction function based on average interest rates prior to EMU with actual ECB policy. Furthermore, we analyse actual ECB policy with interest rate projections using Bundesbank reaction functions and euroland data. © Springer-Verlag 2005.

引用

页码：349 / 364

页数：15

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