Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/121141
Authors: 
Beckmann, Joscha
Belke, Ansgar
Dreger, Christian
Year of Publication: 
2015
Series/Report no.: 
FIW Working Paper 140
Abstract: 
Deviations of policy interest rates from the levels implied by the Taylor rule have been persistent before the financial crisis and increased especially after the turn of the century. Compared to the Taylor benchmark, policy rates were often too low. This paper provides evidence that both international spillovers, among them dependencies in the interest rate setting of central banks, and nonlinear reaction patterns can offer a more realistic specification of the Taylor rule of four major central banks.
Subjects: 
Taylor rule
international spillovers
monetary policy interaction
smooth transition models
JEL: 
E43
F36
C22
Document Type: 
Working Paper

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