Taylor rules around the world: Mapping monetary policy

Makram El-Shagi and Yishuo Ma

Economics Letters, 2023, vol. 232, issue C

Abstract: We estimate Taylor rules for 50 inflation targeting countries around the world. We find that adherence to the Taylor principle is an exception at best. Thus, it seems unlikely that using the interest rate as intermediate target is as widespread as the claims of central banks imply.

Keywords: Taylor rule; Monetary policy (search for similar items in EconPapers)
JEL-codes: E40 E58 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:232:y:2023:i:c:s0165176523003002

DOI: 10.1016/j.econlet.2023.111275

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