Belke, Ansgar; Polleit, Thorsten - 2006
with ac-
tual ECB rates.2 There are only a few studies such as, for instance, Fourçans and Vranceanu
(2002), Gerdesmeier … stability at the time of the EMU start inherent
in these studies is hardly tenable according to our view. Moreover, it is … studies in this field, the money market rate is used to approximate the relevant policy
rate. As usual, we base our output gap …