A Comparison between the Fed and the ECB: Taylor Rules

@inproceedings{Ullrich2003ACB,
  title={A Comparison between the Fed and the ECB: Taylor Rules},
  author={Katrin Ullrich},
  year={2003}
}
This paper analyzes whether Taylor-type policy rules can be used to describe the behavior of the Federal Reserve and the European Central Bank from the beginning of 1999 until mid 2002. Since there was no common monetary policy for the Euro area before 1999, we examine if the average Central Bank behavior of the countries forming the European Monetary Union can be approximated by a single reaction function. We compare the currency areas by searching for similarities and distinctions between the… CONTINUE READING

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