What Drives the European Central Bank's Interest-Rate Changes?

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We show that the ECB's interest rate changes during 1999-2010 have been mainly driven by changes in economic activity in the Euro area. Changes in actual or expected future HICP inflation play a minor, if any, role.
Original languageEnglish
Place of PublicationLondon
PublisherCentre for Economic Policy Research, CEPR
Number of pages11
Publication statusPublished - 2010

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