Belke, Ansgar; Gros, Daniel - CESifo - 2005
The belief that the ECB follows the US Federal Reserve in setting its policy is so entrenched with market participants … find that the ECB is indeed often influenced by the Fed, but the reverse is true at least as often if one considers longer … asymmetric leader-follower relationship between the ECB and the Fed. Only after September 2001 is there more evidence of such an …