|
EconStor >
Institut für Weltwirtschaft (IfW), Kiel >
Kieler Arbeitspapiere, IfW >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/17886
|
| | |
| Title: | | Measuring the Effects of Monetary Policy in the Euro Area: The Role of Anticipated Policy  |
| Authors: | | Höppner, Florian Gottschalk, Jan |
| Issue Date: | | 2001 |
| Series/Report no.: | | Kieler Arbeitspapiere 1074 |
| Abstract: | | This paper investigates within a SVAR framework the effects of anticipated monetary policy in the euro area. Building on a procedure recently proposed by Cochrane which yields the response of output to an anticipated monetary policy impulse, we show that in the past twenty years anticipated monetary policy has had a considerable influence on output. Moreover, we compute the output effects of the systematic monetary policy response to aggregate demand and supply shocks and find that monetary policy pursues a counter-cyclical policy in response to demand shocks and, despite considerable lags, is pro-cyclical with regard to supply shocks. |
| Subjects: | | Vector Autoregression Systematic Monetary Policy Historical De-composition |
| JEL: | | C52 C32 E52 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des IfW Kieler Arbeitspapiere, IfW
|
| |
| | |
Download bibliographical data as:
BibTeX
|
| |
Share on:http://hdl.handle.net/10419/17886
|
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.
|