Chowdhury, Ibrahim; Hoffmann, Mathias; Schabert, Andreas - 2004 - Revised version: September 4, 2004
Evidence from vector autoregressions indicates that the impact of interest rate shocks on macroeconomic aggregates can … rate. We find significant and varying direct interest rate effects for the majority of countries, including member … countries of the EMU. Simulations further demonstrate that the estimated interest rate coefficients can substantially affect …