http://www.bis.org/cbhub/list/author/author_2791/index.rss Research hub papers by author Jim Lee en http://www.bof.fi/NR/rdonlyres/C5CE1133-E448-4622-A2D6-6FCA3306DAED/0/0911netti.pdf Bank of Finland Discussion Papers by Jim Lee – Patrick M Crowley Evaluating the stresses from ECB monetary policy in the euro area 2009-04-07T17:36:00Z This paper investigates the extent to which euro area monetary policy has responded to evolving economic conditions in individual member states as opposed to the euro area as a whole. Based on a forward-looking Taylor rule-type policy reaction function, we conduct counterfactual exercises that compare the monetary policy behaviour of the ECB under alternative hypothetical scenarios: (1) the euro member states make individual policy decisions, and (2) the ECB responds to the economic conditions of individual members. Stress measures are then constructed to evaluate the degree of divergence of member state economies under these two hypothetical scenarios. The results we obtain reflect the extent of heterogeneity among the national economies in the monetary union, indicating that euro area policy rates have been particularly close to the ‘counterfactual’ interest rates of the largest euro members and countries with similar economic conditions, namely Germany, Austria, Belgium and France. Evaluating the stresses from ECB monetary policy in the euro area 2009-04-07T17:36:00Z Abstract http://www.bof.fi/en/julkaisut/tutkimukset/keskustelualoitteet/2009/dp2009_11.htm Full text http://www.bof.fi/NR/rdonlyres/C5CE1133-E448-4622-A2D6-6FCA3306DAED/0/0911netti.pdf Jim Lee Patrick M. Crowley Jim Lee – Patrick M Crowley 2009-04-07 Bank of Finland Discussion Papers C53 E52 http://www.bof.fi/eng/6_julkaisut/6.1_SPn_julkaisut/6.1.5_Keskustelualoitteita/0512netti.pdf Bank of Finland Discussion Papers by Patrick M. Crowley - Jim Lee Decomposing the co-movement of the business cycle: a time-frequency analysis of growth cycles in the euro area 2005-09-28T17:30:59Z Decomposing the co-movement of the business cycle: a time-frequency analysis of growth cycles in the euro area 2005-09-28T17:30:59Z Abstract http://www.bof.fi/eng/6_julkaisut/6.1_SPn_julkaisut/6.1.5_Keskustelualoitteita/dp05_12ee.stm Full text http://www.bof.fi/eng/6_julkaisut/6.1_SPn_julkaisut/6.1.5_Keskustelualoitteita/0512netti.pdf Jim Lee Patrick M. Crowley Patrick M. Crowley - Jim Lee 2005-09-28 Bank of Finland Discussion Papers C65 E32 O52