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Did the Bundesbank follow a Taylor rule? : An analysis based on real-time data

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dc.creator Clausen, Jens R.
dc.creator Meier, Carsten-Patrick
dc.date 2003
dc.date.accessioned 2013-10-16T06:05:39Z
dc.date.available 2013-10-16T06:05:39Z
dc.date.issued 2013-10-16
dc.identifier Kiel working paper Institut für Weltwirtschaft, Kiel 1180
dc.identifier http://hdl.handle.net/10419/3045
dc.identifier ppn:369914066
dc.identifier ppn:369914066
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/3045
dc.description Using 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.
dc.language eng
dc.publisher Kiel Institute for the World Economy (IfW) Kiel
dc.relation Kieler Arbeitspapiere 1180
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject E32
dc.subject E52
dc.subject ddc:330
dc.subject German real-time data , output gap , monetary policy rules
dc.subject Taylor-Regel
dc.subject Geldpolitik
dc.subject Schätzung
dc.subject Deutschland
dc.title Did the Bundesbank follow a Taylor rule? : An analysis based on real-time data
dc.type doc-type:workingPaper


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