The Impact of Country-Specific Economic Developments on ECB Decisions
نویسنده
چکیده
The discussion about country-specific influence on the interest rate decisions of the European Central Bank does not cease. To investigate the possibility of regional influence on the determination of the policy rate, we estimate Taylor-type reaction functions for the period from 1999 to 2005 and include country-specific variables of the euro zone member states. We do not find convincing evidence that country-specific economic developments influence the decisions of the ECB Governing Council. However, the maximum inflation rate and the minimum economic sentiment of the euro area seem to have an effect on the decisions. JEL Classification: E58, E52
منابع مشابه
EU BANKS MARGINS AND CREDIT STANDARDS December 2000
Fax +49 69 1344 6000 Telex 411 144 ecb d All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. 3 Contents Executive summary 5 Introduction 7 1 Banks' margin developments 7 1.1 Main observations 13 1.2 Factors affecting banks' margins 14 1.3 Conclusion of the section 17 2 Reasons for changes in the competitive environ...
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