Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/3141
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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 calculatevarious measures of real-time output gaps and use these to calibrate and estimate Taylor-typereaction functions for the Bundesbank. Most of the reaction functions we find fit theBundesbank's actual policy, as represented by the short-run interest rate, quite well. In contrast toprevious findings based on ex post revised data for the output gap, we find the reactioncoefficients to resemble quite closely those originally proposed by Taylor for some of our realtimemeasures of the output gap. Broad monetary aggregates such as M3, in contrast, only playeda small role for the Bundesbank's interest rate decisions. Given the good record of theBundesbank in fighting inflation, the results give support to the use of the Taylor rule formonetary policy.en
dc.language.isoengen_US
dc.publisher|aUniversität zu Köln, Institut für Wirtschaftspolitik (iwp) |cKöln-
dc.relation.ispartofseriesIWP Discussion Paper |x2003/2-
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-

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