1 Monetary Policy in the Euro Area-Lessons from the First Years

@inproceedings{Clausen1MP,
  title={1 Monetary Policy in the Euro Area-Lessons from the First Years},
  author={Volker Clausen and Bernd Hayo}
}
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 monetary policy. Second, we test whether the regime change leads – before or after – EMU to structural instability. Third, we investigate the stance of monetary policy in Europe. We compare a “counterfactual… CONTINUE READING