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dc.contributor.authorBelke, Ansgaren_US
dc.contributor.authorKlose, Jensen_US
dc.date.accessioned2009-09-03en_US
dc.date.accessioned2010-02-04T13:06:58Z-
dc.date.available2010-02-04T13:06:58Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/29824-
dc.description.abstractWe assess the differences that emerge in Taylor rule estimations for the ECB when using ex-post data instead of real time forecasts and vice versa. We argue that previous comparative studies in this field mixed up two separate effects. First, the differences resulting from the use of ex-post and real time data per se and, second, the differences emerging from the use of non-modified real time data instead of realtime data based forecasted values and vice versa. Since both effects can influence the reaction to inflation and the output gap either way, we use a more clear-cut approach to disentangle the partial effects. Our estimation results indicate that using real time instead of ex post data leads to higher estimated inflation coefficients while the opposite is true for the output gap coefficients. If real time data forecasts for the current period are used (since actual data become available with a lag), this empirical pattern is even strengthened in the sense of even increasing the inflation response but lowering the reaction to the output gap while the reverse is true if true forecasts of real time data for several periods are employed.en_US
dc.language.isoengen_US
dc.publisherDeutsches Institut für Wirtschaftsforschung (DIW) Berlinen_US
dc.relation.ispartofseriesDiscussion papers // German Institute for Economic Research 917en_US
dc.subject.jelE43en_US
dc.subject.jelE58en_US
dc.subject.ddc330en_US
dc.subject.keywordEuropean Central Banken_US
dc.subject.keywordmonetary policyen_US
dc.subject.keywordreal time dataen_US
dc.subject.keywordTaylor ruleen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwTaylor-Regelen_US
dc.subject.stwSchätzungen_US
dc.subject.stwEU-Staatenen_US
dc.titleDoes the ECB rely on a Taylor rule? Comparing ex-post with real time dataen_US
dc.typeWorking Paperen_US
dc.identifier.ppn608203378en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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DIW-Diskussionspapiere

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