Méon, Pierre-Guillaume; Hayo, Bernd - Centre Emile Bernheim, Solvay Brussels School of … - 2013
construct a Taylor rule for each member of the council and for the euro area as a whole, and aggregate the interest rates they … federal objective. We then compare the interest-rate path predicted by each scenario with the observed euro area’s interest … rate. We find that scenarios in which all members of the Governing Council are assumed to pursue Euro-area-wide objectives …