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Abstract: In this paper, we try to see whether there is a model that can describe ECB monetary policy in simple, intuitive terms, and whether the model is consistent over time. We find such a model, which has the form of the Taylor rule. In fact, the main result of the paper points that ECB monetary policy in the last
decade can indeed be described by a Taylor rule, with a caveat: the model fits the data soundly for two subperiods, 1999-2002 and 2007-2009, but does not work well for 2003-2006. Furthermore, the parameters that describe the Taylor rule are fairly stable over time, although the weight placed in output is slightly larger in 2007-2009 than in 1999-2002. Next, we compute optimal interest rates for some individual representative countries and, especially in the first of the subperiods for a set of countries that do not belong to the core
of the Eurozone, find some significant divergences among their optimal interest rates and the rate set by the ECB.
Fuente: Revista de Economía Mundial, 2013, 33, 179-193
Editorial: Universidad de Huelva
Año de publicación: 2013
Nº de páginas: 15
Tipo de publicación: Artículo de Revista
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ADOLFO JESUS MAZA FERNANDEZ
BLANCA SANCHEZ-ROBLES RUTE