- 1 Central bank reaction function: “Taylor rule”
- 2 Theory of the Taylor rule
- 3 Empirical Evidence of the Taylor rule
- 3.1 Preliminaries
- 3.2 The data issue
- 3.3 The estimation issue
- 3.4 Empirical results for ECB policy
- 3.5 Estimation results for Fed policy
- 4 Simulations
- 5 Concluding Remarks
- REFERENCES
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