This paper presents the blueprint of a new ECB multi-country model. The version documented in the following pages is … and policy simulation exercises at the ECB. …

national central banks had not handed over monetary policy to the ECB. Using estimates of monetary policy reaction functions …

European Central Bank’s (ECB’s) announcement of its Outright Monetary Transactions (OMT) program in 2012. At the same time … leads to an unequal transmission of the ECB’s monetary policy to the various countries. …

the most recent crises in both the United States and euro area, the Federal Reserve and European Central Bank (ECB) have …

In this paper, we analyze optimal monetary policy rules in a model of the euro area, namely the ECB's Area Wide Model …

evaluating monetary policy of central banks. As an extensive empirical analysis of the ECB's past behaviour still seems to be in … its infancy, we estimate several instrument policy reaction functions for the ECB which might shed some light on actual … monetary policy in the euro area in the recent past and answer questions like whether the ECB has actually followed a …

an output weight of 0.4. The estimates for the ECB are 1.2, and 1, respectively. Thus, the ECB, while reacting similarly …

This paper compares the ECB's conduct of monetary policy with that of the Bundesbank. Estimated monetary policy … reaction functions for the Bundesbank (1979:4-1998:12) and the European Central Bank (1999:1-2004:5) show that, while the ECB … and the Bundesbank react similarly to expected inflation, the ECB reacts significantly stronger to the output gap …

differences. Most importantly, there is no good reason to believe that the ECB will behave any differently than the Bundesbank. …

. Accordingly, this paper aims at investigating to what extent the policy-making of the ECB during the crisis has been influenced by …