The Robustness and Efficiency of Monetary Policy Rules as Guidelines for Interest Rate Setting by European Central Bank
This paper examines the implications of recent research on monetary policy rules for practical monetary policy making, with special emphasis on strategies for setting interest rates by the new European Central Bank (ECB). The paper draws on recent research and new simulations of a loarge open economy model to assess the efficiency of a simple benchmark rule in comparison with other proposed rules.
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|Date of creation:||1998|
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