Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/121141 
Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
FIW Working Paper No. 140
Verlag: 
FIW - Research Centre International Economics, Vienna
Zusammenfassung: 
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.
Schlagwörter: 
Taylor rule
international spillovers
monetary policy interaction
smooth transition models
JEL: 
E43
F36
C22
Dokumentart: 
Working Paper

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