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Is The Ecb Rule-Based?

April 26, 2017ECB rule-based

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Is The Ecb Rule-Based?

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Author InfoRALF M. FENDEL MICHAEL R. FRENKEL Abstract The article discusses the conduct of monetary policy of the ECB during its first five years. The authors estimate different versions of the forward-looking policy rule proposed by Clarida et al. (1998, 2000). The results suggest that the ECB applied indeed a Taylor-type rule to its monetary policy. The implied inflation targets that are extracted from the regressions are close to the range of the target that the ECB announced. (JEL “E52,””E58,””F4”) Copyright 2006 Western Economic Association International. Download InfoTo download: If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.