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Title:An impact of country-specific economic developments on ECB decisions PDF Logo
Authors:Ullrich, Katrin
Issue Date:2006
Series/Report no.:ZEW Discussion Papers 06-49
Abstract:The discussion about country-specific influence on the interest rate decisions of the European Central Bank does not cease. To investigate the possibility of regional influence on the determination of the policy rate, we estimate Taylor-type reaction functions for the period from 1999 to 2005 and include country-specific variables of the euro zone member states. We do not find convincing evidence that country-specific economic developments influence the decisions of the ECB Governing Council. However, the maximum inflation rate and the minimum economic sentiment of the euro area seem to have an effect on the decisions.
Subjects:Taylor rule
ECB
monetary policy
JEL:E52
E58
Document Type:Working Paper
Appears in Collections:ZEW Discussion Papers
Publikationen von Forscherinnen und Forschern des ZEW

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