Filtern
Erscheinungsjahr
- 2004 (1) (entfernen)
Dokumenttyp
- Arbeitspapier (1)
Sprache
- Englisch (1) (entfernen)
Volltext vorhanden
- ja (1) (entfernen)
Gehört zur Bibliographie
- nein (1)
Schlagworte
- Zinspolitik (1) (entfernen)
Institut
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. JEL - Klassifikation: E43 , E58 , C33