Quelle convergence des règles de politique monétaire en Europe avant l'euro ?

Laurent Bouscharain

Economie & Prévision, 2001, vol. 147, issue 1, 159-169

Abstract: Has European monetary union entailed genuine convergence of ?monetary policy preferences? within the euro area? This study measures the importance of the objectives of forecast price stability and cyclical stabilisation by offering a method of estimating Taylor rules for various European countries and compares the outcomes in particular with those recently obtained by Clarida, Gali and Gertler (NBER 6254). The results illustrate a common tendency to strengthen counterinflationary policy in Europe, sometimes to the detriment of cyclical stabilisation. However, the estimations seem sensitive to introduction of other variables reflecting the ?external? constraints that could arise from coordination. It thus appears that German interest rates have sometimes influenced other monetary policies, which would be evidence of asymmetric operation of monetary rules prior to the euro.

Date: 2001
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