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Fonctions de réaction des banques centrales européennes et convergence

Listed author(s):
  • Marilyne Huchet-Bourdon

    ()

    (CREM - Centre de Recherche en Economie et Management - UR1 - Université de Rennes 1 - Université de Caen Basse-Normandie - CNRS - Centre National de la Recherche Scientifique)

Functions of reaction of European central banks and convergence. Since January 1, 2001, twelve countries take part in EMU. The introduction of the single currency is the result of a long process of convergence. The European Monetary System created in 1979 already aimed at establishing a closer monetary co-operation. Then, the three preliminary stages with the creation of the EMU accelerated the adjustment process. To answer this interrogation, this paper concerns the estimations of the functions of reaction of the eight main national central banks over the period 1980-1998. Moreover its object is also to estimate the function of reaction which would have represented the behaviour of the BCE as well as possible if the countries had formed a monetary Union over this period. The results thus enable us to compare the behaviours of the central banks and highlight a process of convergence of their preferences.

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File URL: https://halshs.archives-ouvertes.fr/halshs-00143784/document
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Paper provided by HAL in its series Post-Print with number halshs-00143784.

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Date of creation: 30 Sep 2003
Publication status: Published in Actualite Economique, Ecole des Hautes Etudes Commerciales, 2003, 79 (3), p.297-326
Handle: RePEc:hal:journl:halshs-00143784
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00143784
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  1. Taylor, John B., 1999. "The robustness and efficiency of monetary policy rules as guidelines for interest rate setting by the European central bank," Journal of Monetary Economics, Elsevier, vol. 43(3), pages 655-679, June.
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  8. Rudi Dornbusch & Carlo Favero & Francesco Giavazzi, 1998. "Immediate challenges for the European Central Bank," Economic Policy, CEPR;CES;MSH, vol. 13(26), pages 15-64, 04.
  9. Huchet, Marilyne, 2003. "Does single monetary policy have asymmetric real effects in EMU?," Journal of Policy Modeling, Elsevier, vol. 25(2), pages 151-178, February.
  10. Clarida, Richard & Gali, Jordi & Gertler, Mark, 1998. "Monetary policy rules in practice Some international evidence," European Economic Review, Elsevier, vol. 42(6), pages 1033-1067, June.
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  12. Uctum, Merih, 1999. "European integration and asymmetry in the EMS," Journal of International Money and Finance, Elsevier, vol. 18(5), pages 769-798, October.
  13. Richard H. Clarida & Mark Gertler, 1997. "How the Bundesbank Conducts Monetary Policy," NBER Chapters,in: Reducing Inflation: Motivation and Strategy, pages 363-412 National Bureau of Economic Research, Inc.
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  15. Svensson, Lars E. O., 2000. "Open-economy inflation targeting," Journal of International Economics, Elsevier, vol. 50(1), pages 155-183, February.
  16. Rudiger Dornbusch & Carlo A. Favero & Francesco Giavazzi, 1998. "The Immediate Challenges for the European Central Bank," NBER Working Papers 6369, National Bureau of Economic Research, Inc.
  17. Taylor, J.B., 1998. "The Robustness and Efficiency of Monetary Policy Rules as Guidelines for Interest Rate Setting by European Central Bank," Papers 649, Stockholm - International Economic Studies.
  18. Gert Schnabel & Stefan Gerlach, 1999. "The Taylor rule and interest rates in the EMU area: a note," BIS Working Papers 73, Bank for International Settlements.
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