Hayo, Bernd; Méon, Pierre-Guillaume - In: Journal of International Money and Finance 37 (2013) C, pp. 135-160
federal objective. We then compare the interest-rate path predicted by each scenario with the observed euro area's interest … objectives, bargain over the interest rate, and their weights are based on their country's share of the zone's GDP. … rate. We find that scenarios in which all members of the Governing Council are assumed to pursue Euro-area-wide objectives …