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Five Years Of Single European Monetary Policy In Practice: Is The Ecb Rule-Based?

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  • RALF M. FENDEL
  • MICHAEL R. FRENKEL
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    Abstract

    The article discusses the conduct of monetary policy of the ECB during its first five years. The authors estimate different versions of the forward-looking policy rule proposed by Clarida et al. (1998, 2000). The results suggest that the ECB applied indeed a Taylor-type rule to its monetary policy. The implied inflation targets that are extracted from the regressions are close to the range of the target that the ECB announced. (JEL "E52,""E58,""F4") Copyright 2006 Western Economic Association International.

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    Bibliographic Info

    Article provided by Western Economic Association International in its journal Contemporary Economic Policy.

    Volume (Year): 24 (2006)
    Issue (Month): 1 (01)
    Pages: 106-115

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    Handle: RePEc:bla:coecpo:v:24:y:2006:i:1:p:106-115

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    Cited by:
    1. Castro, Vítor, 2008. "Are Central Banks following a linear or nonlinear (augmented) Taylor rule?," The Warwick Economics Research Paper Series (TWERPS), University of Warwick, Department of Economics 872, University of Warwick, Department of Economics.
    2. Vítor, Castro, 2011. "Can central banks' monetary policy be described by a linear (augmented) Taylor rule or by a nonlinear rule?," Journal of Financial Stability, Elsevier, Elsevier, vol. 7(4), pages 228-246, December.
    3. FIodendji, Komlan, 2011. "Should Canadian monetary policy respond to asset prices? Evidence from a structural model," MPRA Paper 28039, University Library of Munich, Germany, revised 10 Jan 2011.
    4. Botzen, W.J. Wouter & Marey, Philip S., 2010. "Did the ECB respond to the stock market before the crisis?," Journal of Policy Modeling, Elsevier, Elsevier, vol. 32(3), pages 303-322, May.
    5. Fourcans, Andre & Vranceanu, Radu, 2007. "The ECB monetary policy: Choices and challenges," Journal of Policy Modeling, Elsevier, Elsevier, vol. 29(2), pages 181-194.
    6. Fiodendji, Komlan, 2011. "Should Canadian Monetary Policy Respond to Asset Prices? Evidence from a Structural Model," MPRA Paper 27942, University Library of Munich, Germany.
    7. Nicholas Apergis & Stephen M. Miller & Effrosyni Alevizopoulou, 2012. "The Bank Lending Channel and Monetary Policy Rules for European Banks: Further Extensions," Working papers, University of Connecticut, Department of Economics 2012-10, University of Connecticut, Department of Economics.
    8. Daniel Komlan Fiodendji, 2012. "Should Canadian Monetary Policy Respond to Asset Prices? Evidence from a Structural Model," Working Papers, University of Ottawa, Department of Economics 1209E, University of Ottawa, Department of Economics.
    9. Fourçans, André & Vranceanu, Radu, 2006. "Is the ECB so special? A qualitative and quantitative analysis," ESSEC Working Papers, ESSEC Research Center, ESSEC Business School DR 06004, ESSEC Research Center, ESSEC Business School.

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