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The European Central Bank monetary policy and the Taylor rule, 1999-2009

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.

Otras publicaciones de la misma revista o congreso con autores/as de la Universidad de Cantabria

 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

ISSN: 1576-0162,2340-4264