{"title":"货币政策规则和欧洲央行轮换模式","authors":"Jens Klose","doi":"10.1016/j.jeca.2024.e00384","DOIUrl":null,"url":null,"abstract":"<div><p>In this article, we apply three different specifications of a monetary policy rule to reveal the interest rate preferences of the national central bank governors of the euro area. These preferences are combined with information from the ECB rotation model to determine whether a central bank governor was allowed to vote at a certain meeting. Finally, we empirically test whether non-voting governors or specific countries are worse off when not allowed to vote compared to a situation where they have a voting right. Our results indicate that there are only very few occasions where this is indeed the case. Thus, we conclude that the current form of the rotation model in the euro area does not discriminate any national governor or country.</p></div>","PeriodicalId":38259,"journal":{"name":"Journal of Economic Asymmetries","volume":"30 ","pages":"Article e00384"},"PeriodicalIF":0.0000,"publicationDate":"2024-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1703494924000331/pdfft?md5=06d7c86790dd0911777de794afdee29d&pid=1-s2.0-S1703494924000331-main.pdf","citationCount":"0","resultStr":"{\"title\":\"Monetary policy rules and the ECB rotation model\",\"authors\":\"Jens Klose\",\"doi\":\"10.1016/j.jeca.2024.e00384\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>In this article, we apply three different specifications of a monetary policy rule to reveal the interest rate preferences of the national central bank governors of the euro area. These preferences are combined with information from the ECB rotation model to determine whether a central bank governor was allowed to vote at a certain meeting. Finally, we empirically test whether non-voting governors or specific countries are worse off when not allowed to vote compared to a situation where they have a voting right. Our results indicate that there are only very few occasions where this is indeed the case. Thus, we conclude that the current form of the rotation model in the euro area does not discriminate any national governor or country.</p></div>\",\"PeriodicalId\":38259,\"journal\":{\"name\":\"Journal of Economic Asymmetries\",\"volume\":\"30 \",\"pages\":\"Article e00384\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2024-09-16\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://www.sciencedirect.com/science/article/pii/S1703494924000331/pdfft?md5=06d7c86790dd0911777de794afdee29d&pid=1-s2.0-S1703494924000331-main.pdf\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Economic Asymmetries\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1703494924000331\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"Economics, Econometrics and Finance\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Economic Asymmetries","FirstCategoryId":"1085","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1703494924000331","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"Economics, Econometrics and Finance","Score":null,"Total":0}
In this article, we apply three different specifications of a monetary policy rule to reveal the interest rate preferences of the national central bank governors of the euro area. These preferences are combined with information from the ECB rotation model to determine whether a central bank governor was allowed to vote at a certain meeting. Finally, we empirically test whether non-voting governors or specific countries are worse off when not allowed to vote compared to a situation where they have a voting right. Our results indicate that there are only very few occasions where this is indeed the case. Thus, we conclude that the current form of the rotation model in the euro area does not discriminate any national governor or country.