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Has the European Central Bank Followed a Bundesbank Policy? Evidence from the Early Years

  1. Journals
  2. Economics, Finance, Business & Management
  3. Credit and Capital Markets – Kredit und Kapital
  4. Vol. 35, Issue 3
  5. pp. 327–343

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Smant, D. Has the European Central Bank Followed a Bundesbank Policy? Evidence from the Early Years. Credit and Capital Markets – Kredit und Kapital, 35(3), 327-343. https://doi.org/10.3790/ccm.35.3.327
Smant, David J. C. "Has the European Central Bank Followed a Bundesbank Policy? Evidence from the Early Years" Credit and Capital Markets – Kredit und Kapital 35.3, 2002, 327-343. https://doi.org/10.3790/ccm.35.3.327
Smant, David J. C. (2002): Has the European Central Bank Followed a Bundesbank Policy? Evidence from the Early Years, in: Credit and Capital Markets – Kredit und Kapital, vol. 35, iss. 3, 327-343, [online] https://doi.org/10.3790/ccm.35.3.327
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Has the European Central Bank Followed a Bundesbank Policy? Evidence from the Early Years

Smant, David J. C.

Credit and Capital Markets – Kredit und Kapital, Vol. 35 (2002), Iss. 3 : pp. 327–343

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Additional Information

Article Details

Publisher Name
Duncker & Humblot
DOI
https://doi.org/10.3790/ccm.35.3.327
Language
Multiple languages
Pages
17

Author Details

David J. C. Smant, Rotterdam

References

  1. Befahy, F. (1972): Etude économétrique des variations du taux d'escompte dans les pays de la C.E.E.. University of Namur.  Google Scholar
  2. Bernanke, B. S. and A. S. Blinder (1992): “The federal funds rate and the channels of monetary transmission,’ American Economic Review, vol.82 (4) September: 901-21.  Google Scholar
  3. Bernanke, B. S. and I. Mihov (1997): “What does the Bundesbank target?” European Economic Review, vol.41 (6) June: 1025-53.  Google Scholar
  4. Bernanke, B. S. and I. Mihov (1998): ‘Measuring monetary policy,’ Quarterly Journal of Economics, vol.113 (3) August: 869-902.  Google Scholar
  5. Black, S. W. (1983): "The use of monetary policy for internal and external balance in ten industrial countries,’ in J.A. Frenkel (ed.) Exchange Rates and International Macroeconomics. Univ. Chicago Press: 189-233.  Google Scholar

Abstract

This paper compares the actual Euro-area money-market interest rate with a hypothetical rate derived from the pre-1999 Bundesbank reaction function. The conclusion is that, after an initial period of lower than expected interest rates, the ECB has at least since mid-2000 set the interest rate consistent with the Bundesbank’s old policy rule. (JEL E58, E43)

Table of Contents

Section Title Page Action Price
David J. C. Smant: Has the European Central Bank\rFollowed a Bundesbank Policy?\rEvidence from the Early Years 327
I. Introduction 327
II. Previous Estimates of the Bundesbank Reaction Function 328
III. The ECB Interest Rate and Bundesbank Reaction Function 330
1. Estimating the Bundesbank Reaction Function 330
2. ECB Monetary Policy Since 1 January 1999 336
IV. Conclusion 341
References 342
Summary: Has the European Central Bank Followed a Bundesbank Policy? Evidence from the Early Years 343
Zusammenfassung: Hat die Europäische Zentralbank eine Bundesbankpolitik verfolgt? Beweise aus den ersten Jahren 343
Résumé: La Banque Centrale Européenne a-t-elle suivi la politique de la Bundesbank? Evidence provenant d'années précédentes 343

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