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| Author: | Gorter, J. Jacobs, J. |
| Title: | Taylor rules for the ECB using expectations data |
| Journal: | Scandinavian Journal of Economics
2008 : VOL. 110:3, p. 473-488 |
| Index terms: | euro European Central Bank expectations inflation interest rates |
| Language: | eng |
| Abstract: | This paper estimates Taylor rules for the euro area using consensus economics data for expected inflation and output growth, and compares these estimates with more conventional specifications in which actual outcomes are used. It is found that the ECB takes expected inflation and expected output growth into consideration while setting interest rates, while in the more conventional model specification, the coefficient of realized inflation is not significantly different from zero. |
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