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Monetary Policy Rules In The Run-Up To The Emu

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  • Georgios Chortareas

Abstract

We characterize central bank behavior in the euro area during the run-up to the European Economic and Monetary Union (EMU) era by estimating Taylor rule-type reaction functions at both the individual and aggregate level. We focus on whether national monetary policies during the run-up to the EMU were responding to economic developments according to their own policy rules or to a broader, euro area-wide, policy rule. To consider the last possibility we examine whether national monetary policies were responding to German interest rates. Finally, we compare the performance of the estimated with imposed policy rules. Copyright © 2008 The Author. Journal compilation © 2008 Blackwell Publishing Ltd.

Suggested Citation

  • Georgios Chortareas, 2008. "Monetary Policy Rules In The Run-Up To The Emu," Metroeconomica, Wiley Blackwell, vol. 59(4), pages 687-712, November.
  • Handle: RePEc:bla:metroe:v:59:y:2008:i:4:p:687-712
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    References listed on IDEAS

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    Cited by:

    1. Hoda Selim, 2012. "Exploring the Role of the Exchange Rate in Monetary Policy in Egypt," Working Papers 733, Economic Research Forum, revised 2012.

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