Arbeitspapier
Monetary policy in the Euro area: Lessons from the first years
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 efficient estimation of economic structure prior to EMU with 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 compare actual ECB policy with interest rate projections using Bundesbank reaction functions and euroland data.
- Sprache
-
Englisch
- Erschienen in
-
Series: ZEI Working Paper ; No. B 09-2002
- Klassifikation
-
Wirtschaft
Monetary Policy
Open Economy Macroeconomics
- Thema
-
European Monetary Union
Monetary policy
Semi-structural modelling
Reaction function
Taylor rule
Transmission mechanism
Geldpolitik
Europäische Wirtschafts- und Währungsunion
Transmissionsmechanismus
Taylor-Regel
Schätzung
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Clausen, Volker
Hayo, Bernd
- Ereignis
-
Veröffentlichung
- (wer)
-
Rheinische Friedrich-Wilhelms-Universität Bonn, Zentrum für Europäische Integrationsforschung (ZEI)
- (wo)
-
Bonn
- (wann)
-
2002
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Clausen, Volker
- Hayo, Bernd
- Rheinische Friedrich-Wilhelms-Universität Bonn, Zentrum für Europäische Integrationsforschung (ZEI)
Entstanden
- 2002
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