The monetary transmission mechanism: evidence and implications for European Monetary Union
نویسندگان
چکیده
منابع مشابه
Challenges for Monetary Policy in the European Monetary Union
The financial crisis has brought the “monetary policy consensus” formed in the years prior to the crisis under scrutiny (Bean et al., 2010). The framework of monetary policy differed significantly from one central bank to another. Never theless, across the board their primary objective was price stability—defined as a stabilization of the inflation rate at around 2 percent across a horizon of a...
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The introductory phase of the European Monetary Union (EMU) ended with the introduction of the euro currency in 2002. We present a review of the experiences with the new monetary union. Using a Taylor rule, we analyze the conduct of monetary policy by the European Central Bank (ECB). The empirical results suggest that the ECB applies similar weights to inflation and the output gap as the Bundes...
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2 Anil K Kashyap is a professor of economics at the University of Chicago Graduate School of Business, a consultant to the Federal Bank of Chicago, and a research associate at the National Bureau of Economic Research (NBER). Jeremy C. Stein is the J.C. Penney Professor of Management at the MIT Sloan School of Management and a research associate at the NBER. The authors thank Magda Bianco, Giova...
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ژورنال
عنوان ژورنال: Economics Letters
سال: 2001
ISSN: 0165-1765
DOI: 10.1016/s0165-1765(00)00389-x