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The conditions under which European monetary policy is likely to be conducted are investigated by means of multi-variate time series modelling using aggregated data of all eleven European Monetary Union member states. A cointegration analysis identifies two stable long-run relationships, one of...
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We examine the indicator property of the monetary indicator for inflation. Using a P*-model, Svensson shows …
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Mit dem Übergang zu einer gemeinsamen Währung in Europa stellt sich die Frage, ob die Europäische Zentralbank eine Politik der Geldmengensteuerung betreiben kann. Dies erfordert die Existenz einer stabilen Geldnachfragefunktion na¤ch dem Übergang zu einer Europäischen Währungsunion. In...
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-term interest rate into an expected inflation and an ex-ante real interest rate component. The latter may be a useful indicator of … rate series and the stationary component of the real interest rate is estimated and shocks to expected inflation and the ex …-ante real rate are identified using the long-run restriction that only shocks to expected inflation have long-run effects on the …
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