Monetary policy in the euro area
We examine the conduct of monetary policy as implemented by the European Central Bank (ECB) throughout the euro area. Two distinct but closely related approaches are utilized, both of which rely on the assumption that monetary policy can be usefully characterized in terms of a simple Taylor rule-type of reaction function. First, the ECB policy is assessed against the benchmark of the Bundesbank's reaction function and, second, we impose ad hoc Taylor rules. The policy maker's perception about the equilibrium real interest rate is important. Our analysis suggests that such perceptions may have changed over the period of the ECB's short life.
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Volume (Year): 28 (2006)
Issue (Month): 3 (April)
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