This paper uses reprojection to develop a benchmark to assess ECB monetary policy since January 1999, the start of EMU. We first estimate an essentially affine term structure model for the German SWAP yield curve between 1987:04-1998:12. The German monetary policy is then reprojected onto the...

Multinational companies and national governments pay considerable attention to labor costs and labor productivity differentials across countries. This paper analyzes total and unit labor differentials for a group of European and non-European countries in the 1960-1998 period. It deals with (i)...

This paper uses reprojection to develop a benchmark to assess ECB monetary policy since January 1999, the start of EMU. We first estimate an essentially affine term structure model for the German SWAP yield curve between 1987:04-1998:12. The German monetary policy is then reprojected onto the...

The pass-through from the money market rate to several bank lending rates and the government bond rate is investigated for 12 European countries over the period 1980-2000, by applying a SVAR based on the Cholesky decomposition. Simulations of a one percent point rise in the money market rate,...

This paper uses reprojection to develop a benchmark to assess ECB monetary policy since January 1999, the start of EMU. We first estimate an essentially affine term structure model for the German SWAP yield curve between 1987:04-1998:12. The German monetary policy is then reprojected onto the...

In its first part, the present essay focuses on one main thesis. The transition to full EMU and the introduction of the euro will have a more effect on European banking than the previous Single Market¨Project (Europe 1992). They deal directly with money, the basic material of banking, and they...