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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/17886| Title: | Measuring the Effects of Monetary Policy in the Euro Area: The Role of Anticipated Policy |
| Keywords: | C52 C32 E52 ddc:330 Vector Autoregression Systematic Monetary Policy Historical De-composition Geldpolitik Schock Erwartungstheorie Wirtschaftspolitische Wirkungsanalyse Konjunktur Europäische Wirtschafts- und Währungsunion VAR-Modell Schätzung EU-Staaten |
| Issue Date: | 16-Oct-2013 |
| Publisher: | Kiel Institute for the World Economy (IfW) Kiel |
| Description: | This paper investigates within a SVAR framework the effects of anticipated monetary policy in the euro area. Building on a procedure recently proposed by Cochrane which yields the response of output to an anticipated monetary policy impulse, we show that in the past twenty years anticipated monetary policy has had a considerable influence on output. Moreover, we compute the output effects of the systematic monetary policy response to aggregate demand and supply shocks and find that monetary policy pursues a counter-cyclical policy in response to demand shocks and, despite considerable lags, is pro-cyclical with regard to supply shocks. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/17886 |
| Other Identifiers: | http://hdl.handle.net/10419/17886 ppn:334080886 |
| Appears in Collections: | EconStor |
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