We analyze the impact of conventional monetary policy measures such as interest rates, intervention, and other quantitative measures, on exchange rate level and volatility, and compare these to the impact of Central Bank communication using dummy variables in the best of a family of GARCH models...

We study the evolution of the response of fiscal policy to monetary policy shocks in the EMU in the light of two important events: the signing of the Maastricht treaty in 1992 and the introduction of the EMU in 1999. Based on impulse responses from a panel VAR, we find that fiscal and monetary...