Interest Rate Setting by the ECB: Words and Deeds
作者： Stefan Gerlach , Stefan Gerlach
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摘要: This Paper discusses interest rate setting by the ECB between 1999 and 2004. I develop from Monthly Bulletins quantitative indicators of Governing Council's assessment inflation, economic activity, M3 growth, investigate their impact on its decisions. also estimate reaction functions with ordered probit techniques, using to guide choice variables for analysis. The results show that reacts strongly sentiment as measures state real economy. Furthermore, find statistically significant reactions inflation growth.
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