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Did the Revision of the ECB Monetary Policy Strategy Affect the Reaction Function?

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dc.creator Colavecchio, Roberta
dc.creator Carstensen, Kai
dc.date 2004
dc.date.accessioned 2013-10-16T06:56:40Z
dc.date.available 2013-10-16T06:56:40Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/17767
dc.identifier ppn:394341120
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/17767
dc.description In May 2003 the European Central Bank (ECB) announced the revision of its monetary policy strategy. Although the ECB stressed that the revision would not imply any fundamental change in their decisions, this remains to be verified empirically. Therefore, this paper tries to answer the question whether the strategy revision has induced a structural break in the ECB policy reaction function. To this end, we estimate several Taylor-type reaction functions and conduct a structural change analysis using both recursive parameter estimates and structural change tests. We find that the ECB has been following a stabilizing rule and that there is no clear-cut evidence in favor of a break after the revision, even though some signals of instability show up, particularly in June 2003.
dc.language eng
dc.publisher Kiel Institute for the World Economy (IfW) Kiel
dc.relation Kieler Arbeitspapiere 1221
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject ddc:330
dc.subject Geldpolitik
dc.subject Schätzung
dc.subject Strukturbruch
dc.subject Europäische Wirtschafts- und Währungsunion
dc.subject EU-Staaten
dc.subject Reaktionsfunktion
dc.title Did the Revision of the ECB Monetary Policy Strategy Affect the Reaction Function?
dc.type doc-type:workingPaper

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