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The Stress of Having a Single Monetary Policy in Europe

Author: Jan-Egbert Sturm; Timo Wollmershäuser
Publisher: München : CESifo, Center for Economic Studies & Ifo Institute for economic research, 2008.
Series: CESifo working paper series, 2251.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
This paper estimates forward-looking Taylor rules for the euro area. Using the asymmetries in inflation and cyclical output developments across countries, we investigate the adequacy of the single monetary policy for each of the European Monetary Union (EMU) member countries. Notable differences emerge across the countries. Taking a euro area perspective, we also show that it depends upon the underlying country  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Jan-Egbert Sturm; Timo Wollmershäuser
OCLC Number: 429214178
Description: 1 online resource (Text.)
Series Title: CESifo working paper series, 2251.
Responsibility: Jan-Egbert Sturm, Timo Wollmershäuser.

Abstract:

This paper estimates forward-looking Taylor rules for the euro area. Using the asymmetries in inflation and cyclical output developments across countries, we investigate the adequacy of the single monetary policy for each of the European Monetary Union (EMU) member countries. Notable differences emerge across the countries. Taking a euro area perspective, we also show that it depends upon the underlying country weighting scheme in the monetary decision process of the ECB whether or not there has been a synchronisation of business and inflation cycles among the EMU member countries over the years. Finally, we produce an estimate of the actual policy weights the ECB has implicitly attached to each of the member countries. Developments in small member countries have received more than proportional weights in actual monetary policy decisions of the ECB.

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