Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/152663 
Autor:innen: 
Erscheinungsjahr: 
2003
Schriftenreihe/Nr.: 
ECB Working Paper No. 229
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
The announced primary objective of the European Central Bank is price stability. While no restrictive reference is given to how the goal should be reached, such a mandate can be thought as a concern to stabilize some relevant macroeconomic aggregates. Accordingly, we frame ECB monetary policy in a general set up that allows policy makers to weight differently positive and negative deviations of inflation and output gaps. The empirical analysis on aggregated Euro area data indicates that ECB monetary policy can be characterized by a nonlinear policy rule. While the objective of price stability is symmetric, the one on real activity is not in that output contractions require larger policy responses. Moreover, the actual Euro interest rate highly commoves with the counterfactual rate that the Bundesbank would have followed if charged to set policy rates for the Euro area.
Schlagwörter: 
(asymmetric) central bank policy preferences
Bundesbank counterfactual interest rate target
ECB monetary policy rule
JEL: 
E52
E58
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
835.35 kB





Publikationen in EconStor sind urheberrechtlich geschützt.