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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

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

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