Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/153093 
Erscheinungsjahr: 
2006
Schriftenreihe/Nr.: 
ECB Working Paper No. 659
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
Despite the great importance and final success of the convergence process that led to the establishment of the European Monetary Union, there is no clear agreement regarding the monetary policy pursued in the member countries during the convergence process. This paper contributes to the literature with an empirical analysis of the period from 1993 to 1998 that encompasses eleven EMU countries. In particular, Taylor type interest rate rules are estimated with monthly national data to find that, despite certain similarities and exceptions, the rule followed by each country is distinct and differs substantially from the standard Taylor rule. However, for most countries, the parameter estimates reflect the principles proclaimed by the monetary policy authorities and, in addition, it is shown that in most cases the estimated rules reproduce the policy setting quite closely.
Schlagwörter: 
ERM
monetary policy
output gap
Taylor rule
JEL: 
E58
F41
Dokumentart: 
Working Paper

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