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Erscheinungsjahr: 
2001
Schriftenreihe/Nr.: 
Kiel Working Paper No. 1074
Verlag: 
Kiel Institute of World Economics (IfW), Kiel
Zusammenfassung: 
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.
Schlagwörter: 
Vector Autoregression
Systematic Monetary Policy
Historical De-composition
JEL: 
C52
C32
E52
Dokumentart: 
Working Paper

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