Clausen, Volker; Hayo, Bernd - EconWPA - 2002
of economic structure prior to EMU with current ECB monetary policy. Second, we test whether the regime change leads … "counterfactual" ECB reaction function based on average interest rates prior to EMU with actual ECB policy. Furthermore, we compare … - before or after - EMU to structural instability. Third, we investigate the stance of monetary policy in Europe. We compare a …