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Fonctions de réaction des banques centrales européennes et convergence

  • Maryline Huchet-Bourdon


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

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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Paper provided by HAL in its series Post-Print with number halshs-00143784.

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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
Handle: RePEc:hal:journl:halshs-00143784
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