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MONETARY POLICY RULES IN THE PRE-EMU ERA IS THERE A COMMON RULE?

dc.contributor.authorEleftheriou, Maria
dc.contributor.authorGerdesmeier, Dieter
dc.contributor.authorRoffia, Barbara
dc.date.accessioned2024-02-09T10:26:49Z
dc.date.available2024-02-09T10:26:49Z
dc.date.issued2006-07
dc.identifier.citationEleftheriou, Maria and Gerdesmeier, Dieter and Roffia, Barbara, Monetary Policy Rules in the Pre-Emu Era: Is There a Common Rule? (July 2006). ECB Working Paper No. 659es
dc.identifier.issn1725-2806 (online)
dc.identifier.issnISSN 1561-0810 (print)
dc.identifier.urihttps://hdl.handle.net/10115/30231
dc.description.abstractDespite the great importance and final success of the convergence process that led to the establishment of the European Monetary Union, there is no clear agreement regarding the monetary policy pursued in the member countries during the convergence process. This paper contributes to the literature with an empirical analysis of the period from 1993 to 1998 that encompasses eleven EMU countries. In particular, Taylor-type interest rate rules are estimated with monthly national data to find that, despite certain similarities and exceptions, the rule followed by each country is distinct and differs substantially from the standard Taylor rule. However, for most countries, the parameter estimates reflect the principles proclaimed by the monetary policy authorities and, in addition, it is shown that in most cases the estimated rules reproduce the policy setting quite closely.es
dc.language.isoenges
dc.publisherEuropean Central Bank, 2006es
dc.subjectTaylor rulees
dc.subjectERMes
dc.subjectoutput gapes
dc.subjectmonetary policyes
dc.titleMONETARY POLICY RULES IN THE PRE-EMU ERA IS THERE A COMMON RULE?es
dc.typeinfo:eu-repo/semantics/workingPaperes
dc.identifier.doi10.2139/ssrn.913334es
dc.rights.accessRightsinfo:eu-repo/semantics/restrictedAccesses


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