Fonctions de réaction des banques centrales européennes et convergence
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.
|Date of creation:||30 Sep 2003|
|Date of revision:|
|Publication status:||Published in Actualite Economique, Ecole des Hautes Etudes Commerciales, 2003, 79 (3), p.297-326|
|Note:||View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00143784|
|Contact details of provider:|| Web page: https://hal.archives-ouvertes.fr/|
References listed on IDEAS
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- Mojon, Benoît & Peersman, Gert, 2001. "A VAR description of the effects of monetary policy in the individual countries of the euro area," Working Paper Series 0092, European Central Bank.
- G. Coenen & J.-L. Vega, 2001.
"The demand for M3 in the euro area,"
Journal of Applied Econometrics,
John Wiley & Sons, Ltd., vol. 16(6), pages 727-748.
- Coenen, Günter & Vega, Juan Luis, 1999. "The demand for M3 in the euro area," Working Paper Series 0006, European Central Bank.
- Gunter Coenen & Juan Luis Vega, 2000. "The Demand for M3 in the Euro Area," Econometric Society World Congress 2000 Contributed Papers 0976, Econometric Society.
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