Drometer, Marcus; Siemsen, Thomas; Watzka, Sebastian - 2013
economically worse than the Euro Area average perform best. -- monetary policy ; ECB ; Bundesbank ; decision rule ; counterfactual … decision rule of the ECB, we rank different rules according to their ability to aggregate the national counterfactual paths to … still conduct independent monetary policy. We find that prior to the financial crisis the counterfactual interest rates for …