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dc.contributor.authorBelke, Ansgaren_US
dc.contributor.authorGros, Danielen_US
dc.date.accessioned2009-01-28T15:52:55Z-
dc.date.available2009-01-28T15:52:55Z-
dc.date.issued2005en_US
dc.identifier.urihttp://hdl.handle.net/10419/18792-
dc.description.abstractThe belief that the ECB follows the US Federal Reserve in setting its policy is so entrenched with market participants and commentators that the search for empirical support would seem to be a trivial task. However, this is not the case. We find that the ECB is indeed often influenced by the Fed, but the reverse is true at least as often if one considers longer sample periods. There is empirically little support for the proposition that there has been for a long time a systematic asymmetric leader-follower relationship between the ECB and the Fed. Only after September 2001 is there more evidence of such an asymmetry. We also find a clear-cut structural break between the pre-EMU and the EMU period in terms of the relationship between short term interest rates on both sides of the Atlantic.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseriesCESifo working papers 1428en_US
dc.subject.jelF41en_US
dc.subject.jelE58en_US
dc.subject.jelE52en_US
dc.subject.ddc330en_US
dc.subject.keywordco-movement of interest ratesen_US
dc.subject.keywordEuropean Central Banken_US
dc.subject.keywordFederal Reserveen_US
dc.subject.keywordmonetary policyen_US
dc.subject.keywordpolicy coordinationen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwZinspolitiken_US
dc.subject.stwInternationale wirtschaftspolitische Koordinationen_US
dc.subject.stwEU-Staatenen_US
dc.subject.stwVereinigte Staatenen_US
dc.titleAsymmetries in the trans-atlantic monetary policy relationship : does the ECB follow the Fed?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn484932438en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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