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Does one size fit all? A Taylor-based analysis of monetary policy for current and future EMU members

[journal article]

Poeck, André van; Moons, Cindy

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Please use the following Persistent Identifier (PID) to cite this document:http://nbn-resolving.de/urn:nbn:de:0168-ssoar-240388

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Abstract This paper uses the Taylor rule to examine the appropriateness of ECB interest rate policy for the initial EMU members and the ten new EMU member states some of whom are expected to join the Eurozone in 2006-7. Specifically it addresses three questions. (1) Are there differences between the interest rate aggregated from the Taylor interest rates of individual member states in the euro area and the interest rate set by the ECB? (2) For which countries do the desired interest rates according to the Taylor rule and the interest rate of the euro area differ most and in which respect? (3) The last question is whether the interest rate gaps change over time. We find that the ECB's policy does not fit individual EMU members equally well and this result is unlikely to be changed with the addition of the ten new members, which will have only a marginal effect on the ECB interest rate stance.
Document language English
Publication Year 2008
Page/Pages p. 193-199
Journal Applied Economics, 40 (2008) 2
DOI http://dx.doi.org/10.1080/00036840600749763
Status Postprint; peer reviewed
Licence PEER Licence Agreement (applicable only to documents from PEER project)
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