What Drives the European Central Bank's Interest-Rate Changes?

Publikation: Working paperForskning


We show that the ECB's interest rate changes during 1999-2010 have been mainly driven by changes in economic activity in the Euro area. Changes in actual or expected future HICP inflation play a minor, if any, role.
UdgiverCentre for Economic Policy Research, CEPR
Antal sider11
StatusUdgivet - 2010

Bibliografisk note

JEL classification: E43, E58

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