| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13521 |
| 来源ID | Working Paper 13521 |
| Shocks, Structures or Monetary Policies? The Euro Area and US After 2001 | |
| Lawrence Christiano; Roberto Motto; Massimo Rostagno | |
| 发表日期 | 2007-10-23 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | The US Federal Reserve cut interest rates more vigorously in the recent recession than the European Central Bank did. By comparison with the Fed, the ECB followed a more measured course of action. We use an estimated dynamic general equilibrium model with financial frictions to show that comparisons based on such simple metrics as the variance of policy rates are misleading. We find that - because there is greater inertia in the ECB's policy rule - the ECB's policy actions actually had a greater stabilizing effect than did those of the Fed. As a consequence, a potentially severe recession turned out to be only a slowdown, and inflation never departed from levels consistent with the ECB's quantitative definition of price stability. Other factors that account for the different economic outcomes in the Euro Area and US include differences in shocks and differences in the degree of wage and price flexibility. |
| 主题 | Econometrics ; Estimation Methods ; Macroeconomics ; Money and Interest Rates ; Monetary Policy ; International Economics |
| URL | https://www.nber.org/papers/w13521 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571197 |
| 推荐引用方式 GB/T 7714 | Lawrence Christiano,Roberto Motto,Massimo Rostagno. Shocks, Structures or Monetary Policies? The Euro Area and US After 2001. 2007. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13521.pdf（663KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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