Arbeitspapier
Measuring the Effects of Monetary Policy in the Euro Area: The Role of Anticipated Policy
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.
- Sprache
-
Englisch
- Erschienen in
-
Series: Kiel Working Paper ; No. 1074
- Klassifikation
-
Wirtschaft
Model Evaluation, Validation, and Selection
Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
Monetary Policy
- Thema
-
Vector Autoregression
Systematic Monetary Policy
Historical De-composition
Geldpolitik
Schock
Erwartungstheorie
Wirtschaftspolitische Wirkungsanalyse
Konjunktur
Europäische Wirtschafts- und Währungsunion
VAR-Modell
Schätzung
EU-Staaten
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Höppner, Florian
Gottschalk, Jan
- Ereignis
-
Veröffentlichung
- (wer)
-
Kiel Institute of World Economics (IfW)
- (wo)
-
Kiel
- (wann)
-
2001
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Höppner, Florian
- Gottschalk, Jan
- Kiel Institute of World Economics (IfW)
Entstanden
- 2001