Clausen, Volker; Hayo, Bernd - EconWPA - 2002
the euro area. First, regarding policy transmission we offer a three-stage procedure to combine the efficient estimation … of economic structure prior to EMU with current ECB monetary policy. Second, we test whether the regime change leads … - before or after - EMU to structural instability. Third, we investigate the stance of monetary policy in Europe. We compare a …