Barthélemy, Jean; Clerc, Laurent; Marx, Magali - In: Economic Modelling 28 (2011) 3, pp. 1303-1316
evaluate an ECB-style cross-checking policy rule in a DSGE model with real balance effects of money. We find some evidence that … monetary indicator. We find some evidence that the ECB has systematically reacted to a filtered measure of money growth but … progressively neglected in the conduct of monetary policy. A striking exception has been the Eurosystem, which has implemented a …