Discussion paper

DP8160 What Drives the European Central Bank's Interest-Rate Changes?

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.

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Citation

Jensen, H and (eds) (2010), “DP8160 What Drives the European Central Bank's Interest-Rate Changes?”, CEPR Press Discussion Paper No. 8160. https://cepr.org/publications/dp8160