How the ECB and the US fed set interest rates

Polleit, Thorsten; Belke, Ansgar

How the ECB and the US fed set interest rates

dc.contributor.author	Polleit, Thorsten	de
dc.contributor.author	Belke, Ansgar	de
dc.date.accessioned	2024-04-08T08:39:14Z
dc.date.available	2024-04-08T08:39:14Z
dc.date.created	2008-01-21
dc.date.issued	2006
dc.description.abstract	Monetary policies of the ECB and US Fed can be characterised by ?Taylor rules?, that is both central banks seem to be setting rates by taking into account the ?output gap? and inflation. We also set up and tested Taylor rules which incorporate money growth and the euro-dollar exchange rate, thereby improving the ?fit? between actual and Taylor rule based rates. In general, Taylor rules appear to be a much better way of describing Fed policy than ECB policy. Simulations suggest that the ECB?s short-term interest rates have been at a much lower level in the last two years compared with what a Taylor rule would suggest.	en
dc.identifier.swb	282576150
dc.identifier.uri	https://hohpublica.uni-hohenheim.de/handle/123456789/5100
dc.identifier.urn	urn:nbn:de:bsz:100-opus-1994
dc.language.iso	eng
dc.relation.ispartofseries	Hohenheimer Diskussionsbeiträge; 269
dc.rights.license	publ-ohne-pod	en
dc.rights.license	publ-ohne-pod	de
dc.rights.uri	http://opus.uni-hohenheim.de/doku/lic_ubh.php
dc.subject	European Central Bank	en
dc.subject	Federal reserve	en
dc.subject	Monetary policy	en
dc.subject	Taylor rule	en
dc.subject.ddc	330
dc.subject.gnd	Europäische Zentralbank	de
dc.subject.gnd	USA / Board of Governors of the Federal Reserve System	de
dc.subject.gnd	Geldpolitik	de
dc.subject.gnd	Taylor-Regel	de
dc.title	How the ECB and the US fed set interest rates	de
dc.type.dcmi	Text	de
dc.type.dini	WorkingPaper	de
local.access	uneingeschränkter Zugriff	en
local.access	uneingeschränkter Zugriff	de
local.bibliographicCitation.publisherPlace	Universität Hohenheim	de
local.faculty.number	3	de
local.institute.number	520alt	de
local.opus.number	199
local.series.issueNumber	269
local.series.title	Hohenheimer Diskussionsbeiträge
local.university	Universität Hohenheim	de
local.university.faculty	Fakultät Wirtschafts- und Sozialwissenschaften	de
local.university.institute	Institut für Volkswirtschaftslehre (bis 2010)	de

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