Essec\Faculty\Model\Contribution {#2216
  #_index: "academ_contributions"
  #_id: "8002"
  #_source: array:26 [
    "id" => "8002"
    "slug" => "ecb-monetary-policy-rule-some-theory-and-empirical-evidence"
    "yearMonth" => "2002-05"
    "year" => "2002"
    "title" => "ECB Monetary Policy Rule: Some Theory and Empirical Evidence"
    "description" => "FOURÇANS, A. et VRANCEANU, R. (2002). <i>ECB Monetary Policy Rule: Some Theory and Empirical Evidence</i>. ESSEC Business School."
    "authors" => array:2 [
      0 => array:3 [
        "name" => "FOURÇANS André"
        "bid" => "B00000199"
        "slug" => "fourcans-andre"
      ]
      1 => array:3 [
        "name" => "VRANCEANU Radu"
        "bid" => "B00000524"
        "slug" => "vranceanu-radu"
      ]
    ]
    "ouvrage" => ""
    "keywords" => []
    "updatedAt" => "2020-12-17 21:00:33"
    "publicationUrl" => null
    "publicationInfo" => array:3 [
      "pages" => null
      "volume" => null
      "number" => null
    ]
    "type" => array:2 [
      "fr" => "Documents de travail"
      "en" => "Working Papers"
    ]
    "support_type" => array:2 [
      "fr" => "Editeur"
      "en" => "Publisher"
    ]
    "countries" => array:2 [
      "fr" => null
      "en" => null
    ]
    "abstract" => array:2 [
      "fr" => "Cet article propose plusieurs estimations économétriques d’une règle de Taylor pour la BCE, sur la base de données mensuelles extrêmement entre 1999.04 et 2002.02. Nos résultats montrent que la Banque centrale présente un comportement rigoureux : elle augmente son principal taux directeur de 1.2 points chaque fois que le taux d’inflation excède de 1 point le taux cible. Comme la FED, sa politique monétaire semble influencée par l’activité économique. La Banque va lisser dans le temps ses interventions sur le taux. Contrairement à l’un des objectifs annoncés, elle ne semble pas réagir aux fluctuations du taux de croissance de M3."
      "en" => "This paper estimates different monetary policy rules for the ECB with monthly data during the period 1999.04-2002.02. The results show that the ECB exhibits a rather conservative behavior: a 1 percentage point increase in the inflation rate above its target brings about a 1.2 percentage point increase in the interest rate. Like the FED, its policy is influenced by real activity. The Bank also smoothes changes in interest rates over time. Despite the announced money growth “reference value”, it does not reacts to changes in M3 growth rates."
    ]
    "authors_fields" => array:2 [
      "fr" => "Economie"
      "en" => "Economics"
    ]
    "indexedAt" => "2024-11-23T09:21:42.000Z"
    "docTitle" => "ECB Monetary Policy Rule: Some Theory and Empirical Evidence"
    "docSurtitle" => "Working Papers"
    "authorNames" => "<a href="/cv/fourcans-andre">FOURÇANS André</a>, <a href="/cv/vranceanu-radu">VRANCEANU Radu</a>"
    "docDescription" => "<span class="document-property-authors">FOURÇANS André, VRANCEANU Radu</span><br><span class="document-property-authors_fields">Economics</span> | <span class="document-property-year">2002</span>"
    "keywordList" => ""
    "docPreview" => "<b>ECB Monetary Policy Rule: Some Theory and Empirical Evidence</b><br><span>2002-05 | Working Papers </span>"
    "docType" => "research"
    "publicationLink" => "<a href="#" target="_blank">ECB Monetary Policy Rule: Some Theory and Empirical Evidence</a>"
  ]
  +lang: "en"
  +"_type": "_doc"
  +"_score": 8.822498
  +"parent": null
}