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dc.contributor.authorRuth, Karstenen_US
dc.date.accessioned2009-01-28T15:59:00Z-
dc.date.available2009-01-28T15:59:00Z-
dc.date.issued2004en_US
dc.identifier.urihttp://hdl.handle.net/10419/19500-
dc.description.abstractAs of today, estimating interest rate reaction functions for the Euro Area is hampered by the short time span since the conduct of a single monetary policy. In this paper we circumvent the common use of aggregated data before 1999 by estimating interest rate reaction functions based on a panel including actual EMU Member States. We find that exploiting the cross-section dimen- sion of a multi-country panel and accounting for cross-country heterogeneity in advance of the single monetary policy pays off with regard to the estimated reaction functions' ability to describe actual interest rate dynamics. We retrieve a panel reaction function which is demonstrated to be a valuable tool for evaluating episodes of monetary policy since 1999.en_US
dc.language.isoengen_US
dc.relation.ispartofseriesDiscussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2004,33en_US
dc.subject.jelE43en_US
dc.subject.jelE58en_US
dc.subject.jelC33en_US
dc.subject.ddc330en_US
dc.subject.keywordMonetary Policyen_US
dc.subject.keywordReaction Functionen_US
dc.subject.keywordEuro Areaen_US
dc.subject.keywordPanel Dataen_US
dc.subject.stwZinspolitiken_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwReaktionsfunktionen_US
dc.subject.stwPanelen_US
dc.subject.stwEuropäische Wirtschafts- und Währungsunionen_US
dc.subject.stwSchätzungen_US
dc.subject.stwEU-Staatenen_US
dc.titleInterest rate reaction functions for the euro area Evidence from panel data analysisen_US
dc.typeWorking Paperen_US
dc.identifier.ppn473007118en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:bubdp1:2299-
Appears in Collections:Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank

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