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The European Central Bank: Decision Rules and Macroeconomic Performance

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  • Paul Degrauwe
  • Hans Dewachter
  • Yunus Aksoy

Abstract

In this paper we analyze 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 analyze the effect of different voting procedures within the Governing Council of the ECB. Welfare implications are discussed.

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File URL: http://www.econ.kuleuven.be/eng/ew/discussionpapers/Dps98/Dps9834.pdf
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Bibliographic Info

Paper provided by Katholieke Universiteit Leuven, Centrum voor Economische Studiën in its series Center for Economic Studies - Discussion papers with number ces9834.

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Date of creation: Dec 1998
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Handle: RePEc:ete:ceswps:ces9834

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Cited by:
  1. Vaubel, Roland, 1999. "The Future of the Euro : A Public Choice Perspective," Discussion Papers 570, Institut fuer Volkswirtschaftslehre und Statistik, Abteilung fuer Volkswirtschaftslehre.
  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. 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.

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