EconStor >
Philipps-Universität Marburg >
Faculty of Business Administration and Economics, Philipps-Universität Marburg >
Marburg Papers on Economics • Marburger Volkswirtschaftliche Beiträge, Universität Marburg >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/29842
  

Full metadata record

DC FieldValueLanguage
dc.contributor.authorHayo, Bernden_US
dc.date.accessioned2006-10-10en_US
dc.date.accessioned2010-02-12T14:13:06Z-
dc.date.available2010-02-12T14:13:06Z-
dc.date.issued2006en_US
dc.identifier.urihttp://hdl.handle.net/10419/29842-
dc.description.abstractThis paper analyses whether interest rate paths in the EMU member countries would have been different if the previous national central banks had not handed over monetary policy to the ECB. Using estimates of monetary policy reaction functions over the last 20 years before the formation of EMU, we derive long-run rules the relate interest rate setting to the expected one-year ahead inflation rate and the current output gap. These Taylor rules allow to derive long-run target rates which are employed in the simulation of counterfactual interest rate paths over the time period January 1999 to December 2004 and then compared to actual short-term interest rates in the euro area. It is found that for almost all EMU member countries euro area interest rates tend to be below the national target interest rates, even after explicitly accounting for a lower real interest rate in the EMU period, with Germany being the only exception.en_US
dc.language.isoengen_US
dc.publisherUniv., Fachbereich Wirtschaftswiss. Marburgen_US
dc.relation.ispartofseriesMarburger volkswirtschaftliche Beiträge 2006,10en_US
dc.subject.jelE5en_US
dc.subject.ddc330en_US
dc.subject.keywordTaylor ruleen_US
dc.subject.keywordmonetary policyen_US
dc.subject.keywordECBen_US
dc.subject.keywordEuropean Monetary Unionen_US
dc.subject.stwEuropäische Integrationen_US
dc.subject.stwEuropäische Wirtschafts- und Währungsunionen_US
dc.subject.stwZentralbanken_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwEU-Staatenen_US
dc.titleIs European monetary policy appropriate for the EMU member countries?: a counterfactual analysisen_US
dc.typeWorking Paperen_US
dc.identifier.ppn518537757en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Marburg Papers on Economics • Marburger Volkswirtschaftliche Beiträge, Universität Marburg

Files in This Item:
File Description SizeFormat
518537757.PDF177.71 kBAdobe PDF
No. of Downloads: Counter Stats
Show simple item record
Download bibliographical data as: BibTeX

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.