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The Taylor Rule and Interest Rates in the EMU Area
Gerlach, Stefan; Schnabel, Gert - C.E.P.R. Discussion Papers - 1999
We demonstrate that average interest rates in the EMU countries in 1990-98, with the exception of the period of …
Persistent link: https://www.econbiz.de/10005791463
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ECB Repo Rate Setting During the Financial Crisis
Gerlach, Stefan - C.E.P.R. Discussion Papers - 2011
I estimate a reaction function for the ECB using an ordered logit model for the period 1999-2009. Allowing for a smooth …
Persistent link: https://www.econbiz.de/10009003372
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Zero lower bound, ECB interest rate policy and the financial crisis
Gerlach, Stefan; Lewis, John - In: Empirical Economics 46 (2014) 3, pp. 865-886
We explore whether the ECB’s interest rate setting behaviour changed during the financial crisis by estimating reaction … a swift change in the months following the collapse of Lehman brothers. The ECB appears to have cut rates more …
Persistent link: https://www.econbiz.de/10010793989
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ECB Reaction Functions and the Crisis of 2008
Gerlach, Stefan; Lewis, John - C.E.P.R. Discussion Papers - 2011
We study ECB’s interest rate setting in 1999-2010 using a reaction function in which forecasts of future economic …
Persistent link: https://www.econbiz.de/10009150953
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The Zero Lower Bound, ECB Interest Rate Policy and the Financial Crisis
Gerlach, Stefan; Lewis, John - C.E.P.R. Discussion Papers - 2010
This paper estimates a monetary policy reaction function for the ECB over the period 1999-2009. To allow for a … the ECB cut rates more aggressively than expected solely on the basis of the worsening of macroeconomic conditions …
Persistent link: https://www.econbiz.de/10008554219
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The Zero Lower Bound, ECB Interest Rate Policy and the Financial Crisis
Gerlach, Stefan; Lewis, John - de Nederlandsche Bank - 2010
This paper estimates a monetary policy reaction function for the ECB over the period 1999-2009. To allow for a … the ECB cut rates more aggressively than expected solely on the basis of the worsening of macroeconomic conditions …
Persistent link: https://www.econbiz.de/10008587047
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Money and Inflation in the Euro-Area: A Case for Monetary Indicators?
Gerlach, Stefan; Svensson, Lars E O - C.E.P.R. Discussion Papers - 2002
This Paper examines inflation indicators for the euro area by studying the relationship between inflation, output, money and interest rates, using data spanning 1980-2001. The central finding is that both the output gap and the real money gap (the difference between the real money stock and the...
Persistent link: https://www.econbiz.de/10005123681
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Interest Rate Setting by the ECB: Words and Deeds
Gerlach, Stefan - C.E.P.R. Discussion Papers - 2004
This Paper discusses interest rate setting by the ECB between 1999 and 2004. I develop from the Monthly Bulletins … Bulletins to guide the choice of variables for the analysis. The results show that the ECB reacts strongly to economic sentiment …
Persistent link: https://www.econbiz.de/10005136607
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Zero lower bound, ECB interest rate policy and the financial crisis
Gerlach, Stefan; Lewis, John - In: Empirical economics : a journal of the Institute for … 46 (2014) 3, pp. 865-886
Persistent link: https://www.econbiz.de/10010344379