Drometer, Marcus; Siemsen, Thomas; Watzka, Sebastian - CESifo - 2013
We derive counterfactual national interest rate paths for the 17 Euro Area countries for the period 1999 to 2012 to … approximate the interest rates countries would have implemented had they still been able to conduct independent monetary policy … very closely, while monetary policy has been too loose especially for the southern European countries. This situation was …