Following Germany's Lead : Using International Monetary Linkages to Identify the Effect of Monetary Policy on the Economy.
Forward-looking behavior on the part of the monetary authority leads least squares estimates to understate the true growth consequences of monetary policy interventions. We present instrumental variables estimates of the impact of interest rates on real output growth for several European countries,...
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| Format: | Journal |
| Language: | English |
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Washington, D.C. :
International Monetary Fund,
2005.
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| Series: | IMF Working Papers; Working Paper ;
No. 2005/086 |
| Online Access: | Full text available on IMF |