Clausen, Volker; Hayo, Bernd - In: Vierteljahrshefte zur Wirtschaftsforschung 71 (2002) 3, pp. 339-353
This paper compares the interest rate setting of the ECB with the previous behaviour of the Deutsche Bundesbank and … investigates the macroeconomic implications for Germany. Using Euroland data, we show that the interest rate reaction by the ECB … of Germany in the aggregate Euroland variables, the business cycle in Germany is implicitly accounted for in ECB policy …