The European Central Bank: Decision Rules and Macroeconomic Performance
AbstractIn 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 InfoPaper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 2067.
Date of creation: Feb 1999
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- Paul Degrauwe & Hans Dewachter & Yunus Aksoy, 1998. "The European Central Bank: Decision Rules and Macroeconomic Performance," Center for Economic Studies - Discussion papers ces9834, Katholieke Universiteit Leuven, Centrum voor Economische Studiën.
- 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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