What do we Learn from Taylor Rule Estimations? A Meta-Analysis

Georgios Chortareas and George Magonis
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George Magonis: University of Athens
Authors registered in the RePEc Author Service: Georgios Magkonis

Ekonomia, 2008, vol. 11, issue 2, 112-138

Abstract: We conduct a meta-analysis of the Taylor rule collecting a large number of estimated coefficients from the literature. Our objectives include consideration of heterogeneity in the estimated coefficients, identification of its sources, and examining for the presence of publication bias and genuine effect. The coeficients under study are the response of interest rate to both inflation and output gap. We find a considerable degree of heterogeneity that characterizes the finding for both coefficients. Although there is evidence for publication bias for both coefficients, a genuine effect is found only for the inflation gap response. Estimates of the inflation coefficient converge to a value for which a consensus can be built.

JEL-codes: C80 E52 E53 (search for similar items in EconPapers)
Date: 2008
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:ekn:ekonom:v:11:y:2008:i:2:p:112-138

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