Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/17886
Authors: 
Höppner, Florian
Gottschalk, Jan
Year of Publication: 
2001
Series/Report no.: 
Kiel Working Paper 1074
Abstract: 
This paper investigates within a SVAR framework the effects of anticipated monetary policy in the euro area. Building on a procedure recently proposed by Cochrane which yields the response of output to an anticipated monetary policy impulse, we show that in the past twenty years anticipated monetary policy has had a considerable influence on output. Moreover, we compute the output effects of the systematic monetary policy response to aggregate demand and supply shocks and find that monetary policy pursues a counter-cyclical policy in response to demand shocks and, despite considerable lags, is pro-cyclical with regard to supply shocks.
Subjects: 
Vector Autoregression
Systematic Monetary Policy
Historical De-composition
JEL: 
C52
C32
E52
Document Type: 
Working Paper

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