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The European Central Bank: Decision Rules and Macroeconomic Performance

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Author Info
Aksoy, Yunus
De Grauwe, Paul
Dewachter, Hans

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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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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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Related research
Keywords: EMU linear feedback rules monetary stability

Find related papers by JEL classification:
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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  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. [Downloadable!]
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This page was last updated on 2008-8-19.

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