Belke, Ansgar; Cui, Yuhua - Rheinisch-Westfälisches Institut für … - 2009
This paper analyses the monetary policy interdependence between the European Central Bank (ECB) and the Federal Reserve …-follower relationship. The empirical results of both models indicate interdependence between the ECB and the Fed, but only the general VECM … testifies a leader-follower pattern between the two central banks. According to this pattern, the ECB does follow the Fed. …