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- Title
Taylor Rules for the ECB using Expectations Data.
- Authors
Gorter, Janko; Jacobs, Jan; de Haan, Jakob
- Abstract
We estimate Taylor rules for the euro area using Consensus Economics data for expected inflation and output growth, and compare these estimates with more conventional specifications in which actual outcomes are used. We find that the ECB takes expected inflation and expected output growth into account in setting interest rates, while in the more conventional model specification, the coefficient of realized inflation is not significantly different from zero.
- Subjects
TAYLOR'S rule; MATHEMATICAL models of monetary policy; EURO; CONSENSUS Economics Inc.; PRICE inflation; PRODUCTION (Economic theory); INTEREST rates; MONETARY policy; FINANCE
- Publication
Scandinavian Journal of Economics, 2008, Vol 110, Issue 3, p473
- ISSN
0347-0520
- Publication type
Article
- DOI
10.1111/j.1467-9442.2008.00547.x