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dc.contributor.authorUllrich, Katrinen_US
dc.coverage.temporal1999-2001en_US
dc.date.accessioned2009-02-16T15:12:43Z-
dc.date.available2009-02-16T15:12:43Z-
dc.date.issued2003en_US
dc.identifier.urihttp://hdl.handle.net/10419/24820-
dc.description.abstractThis 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 Taylor-type reaction functions of the two central banks. We pay particular attention to the possible influence of one central bank on the behavior of the other one. The simplest method to test this interdependence is to compare the two reaction functions and try to incorporate the decision variable of one central bank into the other central bank's reaction function. The estimations show that there are significant differences in the reaction functions of both central banks before and after 1999 and between the two central banks. The second result is that the Fed seems to influence the ECB but not vice versa.en_US
dc.language.isoengen_US
dc.publisherZentrum für Europäische Wirtschaftsforschung (ZEW) Mannheim-
dc.relation.ispartofseriesZEW Discussion Papers 03-19en_US
dc.subject.jelE58en_US
dc.subject.ddc330en_US
dc.subject.keywordECBen_US
dc.subject.keywordFederal Reserveen_US
dc.subject.keywordmonetary policyen_US
dc.subject.keywordTaylor ruleen_US
dc.subject.stwTaylor-Regelen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwVergleichen_US
dc.subject.stwEuropäische Wirtschafts- und Währungsunionen_US
dc.subject.stwEU-Staatenen_US
dc.subject.stwVereinigte Staatenen_US
dc.titleA Comparison Between the Fed and the ECB: Taylor Rulesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn364592826en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:zewdip:962-
Appears in Collections:ZEW Discussion Papers
Publikationen von Forscherinnen und Forschern des ZEW

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