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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/19500| Title: | Interest rate reaction functions for the euro area Evidence from panel data analysis |
| Keywords: | E43 E58 C33 ddc:330 Monetary Policy Reaction Function Euro Area Panel Data Zinspolitik Geldpolitik Reaktionsfunktion Panel Europäische Wirtschafts- und Währungsunion Schätzung EU-Staaten |
| Issue Date: | 16-Oct-2013 |
| Description: | As of today, estimating interest rate reaction functions for the Euro Area is hampered by the short time span since the conduct of a single monetary policy. In this paper we circumvent the common use of aggregated data before 1999 by estimating interest rate reaction functions based on a panel including actual EMU Member States. We find that exploiting the cross-section dimen- sion of a multi-country panel and accounting for cross-country heterogeneity in advance of the single monetary policy pays off with regard to the estimated reaction functions' ability to describe actual interest rate dynamics. We retrieve a panel reaction function which is demonstrated to be a valuable tool for evaluating episodes of monetary policy since 1999. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/19500 |
| Other Identifiers: | http://hdl.handle.net/10419/19500 ppn:473007118 RePEc:zbw:bubdp1:2299 |
| Appears in Collections: | EconStor |
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