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The Taylor rule and interest rates in the EMU area

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  • Gerlach, Stefan
  • Schnabel, Gert

Abstract

We demonstrate that average interest rates in the EMU countries in 1990-98, with the exception of the period of exchange market turmoil in 1992-93, moved very closely in relation to average output gaps and inflation as suggested by the Taylor rule.

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File URL: http://www.sciencedirect.com/science/article/B6V84-3YRVPG4-7/2/cfafb144d1e58da12d9ad7602700b169
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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 67 (2000)
Issue (Month): 2 (May)
Pages: 165-171

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Handle: RePEc:eee:ecolet:v:67:y:2000:i:2:p:165-171

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  1. Glenn D. Rudebusch & Lars E. O. Svensson, 1998. "Policy rules for inflation targeting," Proceedings, Federal Reserve Bank of San Francisco, issue Mar.
  2. Clarida, Richard & Galí, Jordi & Gertler, Mark, 1997. "Monetary Policy Rules in Practice: Some International Evidence," CEPR Discussion Papers 1750, C.E.P.R. Discussion Papers.
  3. Peersman, Gert & Smets, Frank, 1999. "The Taylor Rule: A Useful Monetary Policy Benchmark for the Euro Area?," International Finance, Wiley Blackwell, vol. 2(1), pages 85-116, April.
  4. Taylor, John B., 1993. "Discretion versus policy rules in practice," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 195-214, December.
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