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The British Opt-Out from the European Monetary Union: Empirical Evidence from Monetary Policy Rules

Stefano d'Addona, Ilaria Musumeci
2011 Social Science Research Network  

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available online at http://host.uniroma3.it/centri/crei/pubblicazioni.html ISSN 1971-6907 Outputs from CREI research in progress, as well contributions from external scholars and draft reports based on CREI seminars and workshops, are published under this series. Unless otherwise indicated, the views expressed are attributable only to the author(s), not to CREI nor to any institutions of affiliation. Abstract We analyze the current state of the monetary integration in Europe focusing on the UK
more » ... osition regarding the European Monetary Union. The interest rates decisions of the European Central Bank and the Bank of England are compared through different specifications of the Taylor Rule. The comparison of the monetary conducts provides a useful feedback when looking for the differences claimed by the British government as motivating the UK refusal to join the European Monetary Union. Testing for a forward looking behavior and possible asymmetries in the policy responses, we show evidence supporting the opt-out by the UK monetary authorities.
doi:10.2139/ssrn.1898293 fatcat:26xv4a325zccrplsdfzv2kpkpm
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Stefano d'Addona, Ilaria Musumeci. "The British Opt-Out from the European Monetary Union: Empirical Evidence from Monetary Policy Rules." Social Science Research Network (2011)