We estimate the reaction function of monetary policy in the Euro area and derive the Taylor-type policy rule that a would-be ECB would have followed since the beginning of the European Monetary System (1979-2003). We first follow the standard GMM methodology developed by Clarida, Galí and...

While much attention has focused on the factors that brought about the so-called new economy, much less attention has been paid to optimal policy responses following the establishment of the new economy. In the third article, Gilbert Cette and Christian Pfister from the Bank of France provide...

L’évolution du marché des certificats de dépôt (CD) est assez étroitement liée à celle du marché interbancaire. Cet article met en évidence deux régimes de fixation des taux des CD qui peuvent coexister dans une certaine mesure : l’un où c’est le volume d’émission qui...