Monetary policy in Europe vs the US: what explains the difference?

Harald Uhlig

NBER Working Paper No. 14996
Issued in May 2009

---- Acknowledgments ----

This research was started when the author was professor at Humboldt Universitaet zu Berlin and there supported by the Deutsche Forschungsgemeinschaft through the SFB 649 "Economic Risk''. I am grateful to Andreas Hornstein for a very useful conversation, to Andy Levin for an excellent discussion and for pointing out an algebraic mistake (now corrected). I am grateful to participants at the Barcelona meeting for many additionally useful remarks. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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