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The European Central Bank: Decision Rules and Macroeconomic Performance

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  • Aksoy, Yunus
  • De Grauwe, Paul
  • Dewachter, Hans

Abstract

In this paper we analyse the effects of different decision rules in the ECB on monetary stability. We consider a model where asymmetric shocks and divergent propagation of shocks on output and inflation are potential causes of tensions within the ECB concerning the conduct of monetary (interest rate) policy. Given divergence of desired interest rates (due to the asymmetries) we analyse the effect of different voting procedures within the Governing Council of the ECB. Welfare implications are discussed.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 2067.

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Date of creation: Feb 1999
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Handle: RePEc:cpr:ceprdp:2067

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Keywords: EMU; linear feedback rules; monetary stability;

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Cited by:
  1. Lucio Valerio Spagnolo & Mario Cerrato, 2005. "No euro please, We’re British!," CELPE Discussion Papers 95, CELPE - Centre of Labour Economics and Economic Policy, University of Salerno, Italy.
  2. Paul De Grauwe & Hans Dewachter & Yunus Aksoy, 1999. "Effectiveness of Monetary Policy in Euroland," Empirica, Springer, vol. 26(4), pages 299-318, December.
  3. Vaubel, Roland, 1999. "The Future of the Euro : A Public Choice Perspective," Discussion Papers 570, Institut fuer Volkswirtschaftslehre und Statistik, Abteilung fuer Volkswirtschaftslehre.

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