This paper presents an analysis of how alternative models of the business cycle can
replicate the stylized fact that large governments are associated with less volatile …

The study examines the existence of the bank lending channel of monetary policy in
European Union (EU) countries. The paper advances current research on the monetary …

This paper investigates the econometric properties of the Taylor (1993) rule applied to US,
Australian and Swedish data to judge its empirical relevance. Unit root tests indicate that the …

The goal of the present chapter is to provide an overview of the monetary policy framework
of EMU and its operation during its first years of existence. Its overall assessment of the …

This paper compares the European Central Bank's (ECB) conduct of monetary policy with
that of the Bundesbank. Estimated monetary policy reaction functions show that the ECB …

Conventional wisdom suggests that central banks implement monetary policy in a gradual
fashion. Some researchers claim that this gradualism is due to 'optimal cautiousness'; in …

This paper presents estimates of the European Central Bank (ECB)'s interest rate rule using
monthly data for the period of the Willem F. Duisenberg presidency (from January 1999 to …

This paper presents the model used for simulation purposes within the Spanish Ministry of
Economic Affairs and Finance. REMS (a Rational Expectations Model for the Spanish …

This paper analyzes the effect of the fiscal structure upon the trade-off between inflation and
output stabilization induced by technological shocks in a DGE model with nominal and real …

We examine the evolution of monetary policy rules in a group of inflation-targeting countries
(Australia, Canada, New Zealand, Sweden, and the United Kingdom), applying a moment …