Drometer, Marcus; Siemsen, Thomas; Watzka, Sebastian - 2013
economically worse than the Euro Area average perform best. -- monetary policy ; ECB ; Bundesbank ; decision rule ; counterfactual … still conduct independent monetary policy. We find that prior to the financial crisis the counterfactual interest rates for … Germany trace the realized EONIA rate very closely, while monetary policy has been too loose especially for the southern …