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What Drives the European Central Bank's Interest-Rate Changes?

  • Aastrup, Morten
  • Jensen, Henrik

We show that the ECB's interest rate changes during 1999-2010 have been mainly driven by changes in economic activity in the Euro area. Changes in actual or expected future HICP inflation play a minor, if any, role.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 8160.

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Date of creation: Dec 2010
Date of revision:
Handle: RePEc:cpr:ceprdp:8160
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  1. Donald W.K. Andrews & Christopher J. Monahan, 1990. "An Improved Heteroskedasticity and Autocorrelation Consistent Covariance Matrix Estimator," Cowles Foundation Discussion Papers 942, Cowles Foundation for Research in Economics, Yale University.
  2. Olivier Blanchard & Jordi Gali, 2008. "Labor Markets and Monetary Policy: A New-Keynesian Model with Unemployment," NBER Working Papers 13897, National Bureau of Economic Research, Inc.
  3. Jensen, Henrik, 2009. "Estimated Interest Rate Rules: Do they Determine Determinacy Properties?," CEPR Discussion Papers 7555, C.E.P.R. Discussion Papers.
  4. Pier Francesco Asso & George A. Kahn & Robert Leeson, 2010. "The Taylor rule and the practice of central banking," Research Working Paper RWP 10-05, Federal Reserve Bank of Kansas City.
  5. Stefan Gerlach & John Lewis, 2010. "The Zero Lower Bound, ECB Interest Rate Policy and the Financial Crisis," DNB Working Papers 254, Netherlands Central Bank, Research Department.
  6. repec:oup:qjecon:v:115:y:2000:i:1:p:147-180 is not listed on IDEAS
  7. Hansen, Lars Peter, 1982. "Large Sample Properties of Generalized Method of Moments Estimators," Econometrica, Econometric Society, vol. 50(4), pages 1029-54, July.
  8. Gerdesmeier, Dieter & Roffia, Barbara, 2005. "The relevance of real-time data in estimating reaction functions for the euro area," The North American Journal of Economics and Finance, Elsevier, vol. 16(3), pages 293-307, December.
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