Similar Search Results

Monetary Policy in the Euro Area - Lessons from the First Years

Clausen, Volker; Hayo, Bernd - EconWPA - 2002

This paper investigates in a consistent semi-structural empirical framework three current issues of monetary policy in 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...

Persistent link: https://www.econbiz.de/10005076690

Monetary Policy Reaction Functions: ECB versus Bundesbank

Hayo, Bernd; Hofmann, Boris - EconWPA - 2003

We estimate monetary policy reaction functions for the Bundesbank (1979:4-1998:12) and the European Central Bank (1999:1-2003:7). The Bundesbank regime can be characterised, both before and after German reunification, by an inflation weight of 1.2 and an output weight of 0.4. The estimates for...

Persistent link: https://www.econbiz.de/10005126198

Comparing Monetary Policy Reaction Functions: ECB versus Bundesbank

Hayo, Bernd; Hofmann, Boris - EconWPA - 2005

This paper compares the ECB’s conduct of monetary policy with that of the Bundesbank. Estimated monetary policy reaction functions for the Bundesbank (1979:4-1998:12) and the European Central Bank (1999:1- 2004:5) show that, while the ECB and the Bundesbank react similarly to expected...

Persistent link: https://www.econbiz.de/10005126232

Asymmetric Monetary Policy Effects in EMU

Hayo, Bernd; Clausen, Volker - EconWPA - 2002

This paper uses a semi-structural dynamic modelling approach to investigate asymmetric monetary transmission in Europe. A system of equations containing reaction functions for monetary policy, output and inflation equations is simultaneously estimated for France, Germany, and Italy. Extensive...

Persistent link: https://www.econbiz.de/10005126264

Do We Really Need Central Bank Independence? A Critical Re- examination

Hayo, Bernd; Hefeker, Carsten - EconWPA - 2001

In this survey, we critically review the argument for central bank independence (CBI). We argue CBI is neither necessary nor sufficient for reaching monetary stability. First, CBI is just one potentially useful monetary policy design instrument among several. Second, CBI should not be treated as...

Persistent link: https://www.econbiz.de/10005126298

Estimating a European Demand for Money

Hayo, Bernd - EconWPA - 1998

that will be adopted by the European Central Bank (ECB). For both likely candidates, targeting a money aggregate or an … inflation target, the existence of a stable money demand function at a European level is important. In this paper estimates of … such a European money demand for narrow and broad money for the actual 11 EMU countries based on quarterly aggregate data …

Persistent link: https://www.econbiz.de/10005412709

Industry Effects of Monetary Policy in Germany

Hayo, Bernd - EconWPA - 1999

This paper is on monetary policy transmission. First, it asks the question whether industries are affected differently by monetary policy shocks. Here both output and price effects are compared. Second, some industry characteristics are explored which may help to understand the existence of...

Persistent link: https://www.econbiz.de/10005561233