ECB paper on Fed and ECB response to shocks

This ECB working paper employs a medium-scale dynamic general equilibrium model with financial frictions to contrast the policy responses of the ECB and the Federal Reserve to economic shocks since 2001.

The paper concentrates on the most recent international downturn, after 2001, in the US and the euro area.

The authors reach three conclusions: "First, we show that the impact of policy moves in the Euro Area in that period was stronger than in the US and we ascribe this finding to the fact

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