期刊名称：Discussion Paper / Series 1, Economic Studies / Deutsche Bundesbank
出版年度：2004
出版社：Deutsche Bundesbank
摘要：As of today, estimating interest rate reaction functions for the Euro Area is hampered by the short time span since the conduct of a single monetary policy. In this paper we circumvent the common use of aggregated data before 1999 by estimating interest rate reaction functions based on a panel including actual EMU Member States. We find that exploiting the cross-section dimen- sion of a multi-country panel and accounting for cross-country heterogeneity in advance of the single monetary policy pays off with regard to the estimated reaction functions' ability to describe actual interest rate dynamics. We retrieve a panel reaction function which is demonstrated to be a valuable tool for evaluating episodes of monetary policy since 1999. --
关键词：Monetary Policy; Reaction Function; Euro Area; Panel Data;
