In such a case, the impact of monetary policy could be larger. 12. Due to a re-estimation of the model, the impulse responses for the BASE model indicate a lower impact of rate hikes on inflation than displayed in the related ECB Working Paper.
Many of the statistical challenges that are related to macroprudential surveillance have already been addressed this afternoon. Allow me to offer some thoughts from the point of view of a macroprudential practitioner, who is also involved in statistics.