Template-Type: ReDIF-Paper 1.0
Title: Measuring the Effects of Monetary Policy in the Euro Area: The Role of Anticipated Policy
Author-Name: Jan Gottschalk	
Author-Name: Florian Höppner
Author-Email: 
Classification-JEL: E52, C32, C52
Keywords: Vector Autoregression, Systematic Monetary Policy, Historical Decomposition
Abstract: This paper investigates within a SVAR framework the effects of 
	anticipated monetary policy in the euro area. Building on a procedure 
	recently proposed by Cochrane yielding the response of output to an 
	anticipated monetary policy impulse, we show that in the past twenty 
	years anticipated monetary policy had a considerable influence on 
	output. Moreover, we compute the output effects of the systematic 
	monetary policy response to aggregate demand and supply shocks. We 
	find that monetary policy pursues a counter-cyclical policy in 
	response to demand shocks and is pro-cyclical with regard to supply 
	shocks, even though there are considerable lags.
Note: 
Length: 32
Creation-Date: 2001-08	
Revision-Date: 
File-URL: http://www.wiwi.uni-bonn.de/bgsepapers/bonedp/bgse21_2001.pdf
File-Format: application/pdf
Handle: RePEc:bon:bonedp:bgse21_2001