Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/78379
Authors: 
Gottschalk, Jan
Höppner, Florian
Year of Publication: 
2001
Series/Report no.: 
Bonn Econ Discussion Papers 21/2001
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 yielding the response of output to an anticipated monetary policy impulse, we show that in the past twenty years anticipated monetary policy had a considerable influence on output. Moreover, we compute the output effects of the systematic monetary policy response to aggregate demand and supply shocks. We find that monetary policy pursues a counter-cyclical policy in response to demand shocks and is pro-cyclical with regard to supply shocks, even though there are considerable lags.
Subjects: 
Vector Autoregression
Systematic Monetary Policy
Historical Decomposition
JEL: 
E52
C32
C52
Document Type: 
Working Paper

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