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Monetary Policy Rules In Accession Countries to EU: Is the Taylor rule a pattern?

  • Ramon Maria-Dolores

    ()

    (Universidad de Murcia)

I contemplate the Taylor rule as a benchmark for setting monetary policy in some Accession Countries to the EU in the 1998-2003 period. I find that countries with a floating exchange rate regime (the Czech Republic, Poland and Hungary) moved short-term interest rates as suggested by the Taylor rule and in a similar way the ECB is doing. On the other hand, the Taylor rule predicts worse interest rate behaviour in the Slovak Republic where inflation targeting is not adopted yet.

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Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 5 (2005)
Issue (Month): 7 ()
Pages: 1-16

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Handle: RePEc:ebl:ecbull:eb-04e50013
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  1. Richard Clarida & Jordi Galí & Mark Gertler, 2000. "Monetary Policy Rules And Macroeconomic Stability: Evidence And Some Theory," The Quarterly Journal of Economics, MIT Press, vol. 115(1), pages 147-180, February.
  2. 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.
  3. 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.
  4. Gerlach, Stefan & Schnabel, Gert, 1999. "The Taylor Rule and Interest Rates in the EMU Area," CEPR Discussion Papers 2271, C.E.P.R. Discussion Papers.
  5. Gerlach, Stefan, 2003. "The ECB's Two Pillars," CEPR Discussion Papers 3689, C.E.P.R. Discussion Papers.
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