Hayo, Bernd; Clausen, Volker - Royal Economic Society - RES - 2003
of economic structure prior to EMU with current ECB monetary policy. Second, we test whether the regime change leads Ð … "counterfactual" ECB reaction function based on average interest rates prior to EMU with actual ECB policy. Furthermore, we compare … the euro area. First, regarding policy transmission we offer a three-stage procedure to combine the efficient estimation …