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The Taylor rule and interest rates in the EMU area: a note Author info | Abstract | Publisher info | Download info | Related research | Statistics Gert Schnabel
Stefan Gerlach
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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 with average output gaps and inflation as suggested by the Taylor rule.
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Paper provided by Bank for International Settlements in its series BIS Working Papers with number
73.
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Length: 20 pages
Date of creation: Aug 1999Date of revision:
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Gerdesmeier, Dieter & Roffia, Barbara, 2004.
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Discussion Paper Series 1: Economic Studies
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Carlo Altavilla, 2003.
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Other versions: Javier Hernandez & Allan Layton, 2002.
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Leon, Costas, 2006.
"The Taylor rule: can it be supported by the data? ,"
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Carlos J. Rodriguez-Fuentes & Antonio Olivera-Herrera & David Padron-Marrero, 2004.
"Monetary policy and inflation persistence in the Eurozone ,"
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Carmine Trecroci & Juan Luis Vega-Croissier, 2000.
"The information content of M3 for future inflation ,"
Working Paper Series
33, European Central Bank.
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Nandwa, B., 2006.
"Implication of the Taylor Rule on Real Exchange Rate Movement in Kenya ,"
Applied Econometrics and International Development ,
Euro-American Association of Economic Development, vol. 6(2).
[Downloadable!] (restricted)
Yvonne Adema, 2004.
"A Taylor Rule for the Euro Area Based on Quasi-Real Time Data ,"
DNB Staff Reports (discontinued)
114, Netherlands Central Bank.
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Other versions: Nelson C. Mark, 2005.
"Changing Monetary Policy Rules, Learning, and Real Exchange Rate Dynamics ,"
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11061, National Bureau of Economic Research, Inc.
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Other versions: Nicholas Apergis & Stephen M. Miller & Alexandros Panethimitakis & Athanasios Vamvakidis, 2005.
"Inflation Targeting and Output Growth: Empirical Evidence for the European Union ,"
IMF Working Papers
05/89, International Monetary Fund.
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Richard Dennis, 2000.
"Optimal simple targeting rules for small open economies ,"
Working Papers in Applied Economic Theory
2000-20, Federal Reserve Bank of San Francisco.
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Dieter Gerdesmeier & Barbara Roffia, 2004.
"Empirical Estimates of Reaction Functions for the Euro Area ,"
Swiss Journal of Economics and Statistics (SJES) ,
Swiss Society of Economics and Statistics (SSES), vol. 140(I), pages 37-66, March.
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Clémentine Florens & Eric Jondeau & Hervé Le Bihan, 2001.
"Assessing GMM Estimates of the Federal Reserve Reaction Function ,"
Econometrics
0111003, EconWPA.
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