EconStor >
Universität zu Köln >
Institut für Wirtschaftspolitik (iwp), Universität Köln >
iwp Discussion Papers, Institut für Wirtschaftspolitik, Universität Köln >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/3141
  

Full metadata record

DC FieldValueLanguage
dc.contributor.authorClausen, Jens R.en_US
dc.contributor.authorMeier, Carsten-Patricken_US
dc.date.accessioned2009-01-28T14:28:20Z-
dc.date.available2009-01-28T14:28:20Z-
dc.date.issued2003en_US
dc.identifier.urihttp://hdl.handle.net/10419/3141-
dc.description.abstractUsing a real-time data set for German GDP over the period from 1973 to 1998 we calculate various measures of real-time output gaps and use these to calibrate and estimate Taylor-type reaction functions for the Bundesbank. Most of the reaction functions we find fit the Bundesbank's actual policy, as represented by the short-run interest rate, quite well. In contrast to previous findings based on ex post revised data for the output gap, we find the reaction coefficients to resemble quite closely those originally proposed by Taylor for some of our realtime measures of the output gap. Broad monetary aggregates such as M3, in contrast, only played a small role for the Bundesbank's interest rate decisions. Given the good record of the Bundesbank in fighting inflation, the results give support to the use of the Taylor rule for monetary policy.en
dc.language.isoengen_US
dc.publisherUniversität zu Köln, Institut für Wirtschaftspolitik (iwp) Köln-
dc.relation.ispartofseriesIWP Discussion Paper 2003/2-
dc.subject.jelE52-
dc.subject.jelE32-
dc.subject.ddc330-
dc.subject.keywordGerman real-time dataen
dc.subject.keywordoutput gapen
dc.subject.keywordmonetary policy rulesen
dc.subject.stwTaylor-Regelen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwSchätzungen_US
dc.subject.stwDeutschlanden_US
dc.titleDid the Bundesbank follow a Taylor rule? An analysis based on real-time dataen_US
dc.typeWorking Paperen_US
dc.identifier.ppn378734393en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Publikationen von Forscherinnen und Forschern des IfW
iwp Discussion Papers, Institut für Wirtschaftspolitik, Universität Köln

Files in This Item:
File Description SizeFormat
378734393.pdf453.67 kBAdobe PDF
No. of Downloads: Counter Stats
Show simple item record
Download bibliographical data as: BibTeX

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.