Surico, Paolo - In: Oxford Review of Economic Policy 19 (2003) 1, pp. 44-57
into an asymmetric reaction function. The empirical analysis on monthly euro-area aggregated data over the last 5 years … function for the euro area. The specification of the policy rule embodies a number of nonlinearities which are shown to stem … have required a larger policy response than output expansions. Moreover, actual movements in the euro interest rate closely …