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Standard Taylor rules revisited - A cross country study for European countries

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  • Eschenhof, Sabine

Abstract

In this paper we want to estimate basic Taylor rules with a cross country study approach for European countries before the reorganization of the system of central banks. We compare basic and extended Taylor rules to give a hint if the exchange rate plays a significant role in the decision making of monetary policy. Fixed Effects, GMM and SGMM estimators are used to check for robustness. The obtained results adumbrate that there may be an influence of exchange rate changes on the monetary policy decision making process but the results are not fully robust and deliver only a weak tendency.

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  • Eschenhof, Sabine, 2009. "Standard Taylor rules revisited - A cross country study for European countries," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 77468, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    • Handle: RePEc:dar:wpaper:77468
    Note: for complete metadata visit http://tubiblio.ulb.tu-darmstadt.de/77468/
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