EUROPEAN CENTRAL BANK FOOTPRINTS ON INFLATION FORECAST UNCERTAINTY

摘要

The finding of the paper shows the relative effectiveness of the "one size fits all" policy of the European Central Bank. The paper provides strong evidence in favor of this by testing whether the monetary policy effects (footprints) found in inflation uncertainty converge to a common level. These footprints are measured as the fraction of the estimated policy-induced reduction in this uncertainty. The testing was conducted by applying a bootstrap-type test in a regression of the rate of growth of these fractions on their initial values, computed for 16 euro area countries.