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Lessons from the ECB Experience: Frankfurt Still Matters!

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  • Zeno Rotondi
  • Giacomo Vaciago

Abstract

This paper compares the European Central Bank's (ECB) conduct of monetary policy (1999-2005) with that of the Bundesbank (after the German Unification: 1990-1998) in order to test the hypothesis of an ECB with 'Bundesbank's preferences' put forward in the theoretical literature (Alesina and Grilli, 1993; Fatum, 2006). Econometric tests and simulations based on monetary policy reaction functions show that the continuation of the former Bundesbank regime is supported by the data. Given this empirical evidence we discuss the lessons for future Monetary Unions stemming from the ECB experience. Copyright 2007 The Authors Journal compilation 2007 Banca Monte dei Paschi di Siena SpA

Suggested Citation

  • Zeno Rotondi & Giacomo Vaciago, 2007. "Lessons from the ECB Experience: Frankfurt Still Matters!," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 36(2), pages 147-170, July.
  • Handle: RePEc:bla:ecnote:v:36:y:2007:i:2:p:147-170
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    Cited by:

    1. Antonio Forte, 2010. "The European Central Bank, the Federal Reserve and the Bank of England: Is the Taylor Rule a useful benchmark for the last decade?," Journal of Economics and Econometrics, Economics and Econometrics Society, vol. 53(2), pages 1-31.
    2. Stefano Colombo, 2008. "Discriminatory prices, endogenous locations and the Prisoner Dilemma problem," DISCE - Quaderni dell'Istituto di Economia e Finanza ief0079, Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE).

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