Bundesbank monetary policy strategy contributed to this success. We analyze the strategy as it was conceived, communicated and … policy over the period 1975-1998. We compare the Bundesbank's monetary policy rule with those of the FED and of the Bank of … England. We find that the Bundesbank's policy reaction function was characterized by strong persistence of policy rates as …

This paper uses a time-varying Factor Augmented VAR to investigate the evolving transmission of monetary policy and … and disaggregated prices suggest that the response of inflation, money supply and asset prices to monetary policy and … policy shocks started having a bigger impact on prices, a smaller impact on activity and began contributing more to overall …

economy, and namely shifts in the variance of structural shocks and in monetary policy. These sources have been identified as … distinguishable through the lens of standard DSGE models, lower non-policy shock variances and tighter monetary policy regimes imply … higher and lower term premia, respectively. As a result, moving to tighter monetary policy alone cannot explain the U …

deflator inflation, real GDP growth, and the rate of growth of M2. We identify 4 shocks-monetary policy, demand non-policy … macroeconomic environment of the last two decades. First, the Great Inflation was due, to a dominant extent, to large demand non-policy … monetary policy clearly appears to have improved over the sample period, this does not appear to have been the dominant …

So far, the 'new open economy macroeconomics' literature has primarly focused on monetary policy and monetary policy … rules, rather than paying attention also to fiscal policy. This is an omission because, especially with the advent of EMU …, the burden on fiscal policy as an instrument for macroeconomic stabilization has potentially increased. In this paper, we …