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The Taylor Rule and Interest Rates in the EMU Area

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Author Info
Gerlach, Stefan
Schnabel, Gert

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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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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 2271.

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Date of creation: Oct 1999
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Handle: RePEc:cpr:ceprdp:2271

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Related research
Keywords: ECB Taylor Rule

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Find related papers by JEL classification:
E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

References listed on IDEAS
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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.
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  2. Clarida, Richard & Gali, Jordi & Gertler, Mark, 1998. "Monetary policy rules in practice Some international evidence," European Economic Review, Elsevier, vol. 42(6), pages 1033-1067, June. [Downloadable!] (restricted)
    Other versions:
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This page was last updated on 2008-9-15.

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