|
EconStor >
Rheinische Friedrich-Wilhelms-Universität Bonn >
Zentrum für Europäische Integrationsforschung (ZEI), Universität Bonn >
ZEI Working Papers, Zentrum für Europäische Integrationsforschung, Universität Bonn >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/39450
|
| | |
| Title: | | Monetary policy in the Euro area: Lessons from the first years  |
| Authors: | | Clausen, Volker Hayo, Bernd |
| Issue Date: | | 2002 |
| Series/Report no.: | | ZEI working paper B 09-2002 |
| Abstract: | | This paper investigates in a consistent semi-structural empirical framework three current issues of monetary policy in the euro area. First, regarding policy transmission we offer a three-stage procedure to combine the efficient estimation of economic structure prior to EMU with current ECB monetary policy. Second, we test whether the regime change leads – before or after – EMU to structural instability. Third, we investigate the stance of monetary policy in Europe. We compare a “counterfactual” ECB reaction function based on average interest rates prior to EMU with actual ECB policy. Furthermore, we compare actual ECB policy with interest rate projections using Bundesbank reaction functions and euroland data. |
| Subjects: | | European Monetary Union Monetary policy Semi-structural modelling Reaction function Taylor rule Transmission mechanism |
| JEL: | | E52 F41 |
| Document Type: | | Working Paper |
| Appears in Collections: | | ZEI Working Papers, Zentrum für Europäische Integrationsforschung, Universität Bonn
|
| |
| | |
Download bibliographical data as:
BibTeX
|
| |
Share on:http://hdl.handle.net/10419/39450
|
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.
|