Arbeitspapier
Monetary policy reaction functions: ECB versus Bundesbank
We estimate monetary policy reaction functions for the Bundesbank (1979:4-1998:12) and the European Central Bank (1999:1-2003:7). The Bundesbank regime can be characterised, both before and after German reunification, by an inflation weight of 1.2 and an output weight of 0.4. The estimates for the ECB are 1.2, and 1, respectively. Thus, the ECB, while reacting similarly to expected inflation, puts significantly more weight on stabilising the business cycle than the Bundesbank did.
- Language
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Englisch
- Bibliographic citation
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Series: ZEI Working Paper ; No. B 24-2003
- Classification
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Wirtschaft
- Subject
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Taylor rule
monetary policy
ECB
Bundesbank
- Event
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Geistige Schöpfung
- (who)
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Hayo, Bernd
Hofmann, Boris
- Event
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Veröffentlichung
- (who)
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Rheinische Friedrich-Wilhelms-Universität Bonn, Zentrum für Europäische Integrationsforschung (ZEI)
- (where)
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Bonn
- (when)
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2003
- Handle
- Last update
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10.03.2025, 11:43 AM CET
Data provider
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Hayo, Bernd
- Hofmann, Boris
- Rheinische Friedrich-Wilhelms-Universität Bonn, Zentrum für Europäische Integrationsforschung (ZEI)
Time of origin
- 2003
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