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ECB Policy Making and the Financial CrisisJanko GorterDutch Central Bank (DNB) Fauve Stolwijkaffiliation not provided to SSRN Jan P. A. M. JacobsUniversity of Groningen - Faculty of Economics and Business Jakob De HaanUniversity of Groningen - Faculty of Economics and Business; De Nederlandsche Bank; CESifo (Center for Economic Studies and Ifo Institute for Economic Research) December 1, 2010 De Nederlandsche Bank Working Paper No. 272 Abstract: We estimate Taylor rule models for the euro area using Consensus Economics forecasts of inflation and output growth for the period 1998.6-2010.8. We first examine whether the recent financial crisis has affected ECB policies. Our results indicate that the ECB puts stronger emphasis on maintaining price stability than earlier point estimates suggested. Next, we analyse whether economic developments in individual euro area countries affect ECB decisions. Despite the diverging economic developments in the countries in the euro area, notably during the recent financial crisis, we do not find support for the view that policy decisions have been influenced by regional developments.
Number of Pages in PDF File: 20 Keywords: Taylor rule, ECB, regional influence, real time data JEL Classification: C22, E52 working papers seriesDate posted: October 27, 2011 ; Last revised: October 28, 2011Suggested CitationContact Information
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