出版社：Institut für Volkswirtschaftslehre, Univ. Hohenheim
摘要：Monetary policies of the ECB and US Fed can be characterised by
“Taylor rules”, that is both central banks seem to be setting rates by taking
into account the “output gap” and inflation. We also set up and tested Taylor
rules which incorporate money growth and the euro-dollar exchange rate,
thereby improving the “fit” between actual and Taylor rule based rates. In
general, Taylor rules appear to be a much better way of describing Fed policy
than ECB policy. Simulations suggest that the ECB’s short-term interest rates
have been at a much lower level in the last two years compared with what a
Taylor rule would suggest.
