The Monetary Policy of the European Central Bank
研究欧洲央行前六年货币政策，发现其对通胀目标对称，但对产出和利率稳定非对称，且拒绝M3增长目标假设。
Abstract The first six years of ECB monetary policy are examined using a general framework that allows central bankers to weight differently positive and negative deviations of inflation, output and the interest rate from their reference values. The empirical analysis on synthetic euro‐area data suggests that the objective of price stability is symmetric, whereas the objectives of real activity and interest‐rate stabilizations are not. Output contractions imply larger policy responses than output expansions of the same size, while movements in the interest rate are larger when the level of the interest rate is relatively high. The hypothesis of M3 growth‐rate targeting is rejected.