Samenvatting
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.
Originele taal-2 | English |
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Pagina's (van-tot) | 473-488 |
Aantal pagina's | 16 |
Tijdschrift | Scandinavian Journal of Economics |
Volume | 110 |
Nummer van het tijdschrift | 3 |
DOI's | |
Status | Published - 2008 |