We propose an alternative way of estimating Taylor reaction functions if the zero-lowerbound on nominal interest rates is binding. This approach relies on tackling the real rather than the nominal interest rate. So if the nominal rate is (close to) zero central banks can influence the infl ation...

We propose an alternative way of estimating Taylor reaction functions if the zero-lowerbound on nominal interest rates is binding. This approach relies on tackling the real rather than the nominal interest rate. So if the nominal rate is (close to) zero central banks can influence the inflation...

We assess the differences that emerge in Taylor rule estimations for the ECB when using ex-pos data instead of real time forecasts and vice versa.We argue that previous comparative studies i this field mixed up two separate effects. First, the differences resulting from the use of ex-post and...

We assess differences that emerge in Taylor rule estimations for the Fed and the ECB before and after the start of the subprime crisis. For this purpose, we apply an explicit estimate of the equilibrium real interest rate and of potential output in order to account for variations within these...

Die Leitzinssenkung der EZB im November 2013 hat die Diskussion über negative Einlagezinsen im Euroraum erneut angefacht. Die Erfahrungen in Dänemark zeigen allerdings, dass dabei unbedingt auf eine effiziente Ausgestaltung zu achten ist. Insbesondere müssen Schlupflöcher geschlossen und...

The equilibrium real interest rate is one of the most discussed variables in economics, although it is unobservable. While it has been estimated with respect to various developed countries, this paper is the first to estimate it for five developing countries - the BRICS countries. To do so the...