The Taylor curve: international evidence
Semih Çekin,
Rangan Gupta and
Eric Olson
Applied Economics, 2021, vol. 53, issue 40, 4680-4691
Abstract:
We use the Taylor curve to gauge deviations of monetary policy from an efficiency locus for the United Kingdom (UK) and the four largest economies of the Eurozone (Germany, France, Italy, Spain) for the period 2000–2018. For this purpose, we use shadow interest rates, which is a common metric for both conventional and unconventional monetary policies, and the newly proposed Hamilton-filter to measure output gap, which improves upon the drawbacks of the traditionally used Hodrick–Prescott filter. Our findings suggest that deviations in the UK mostly occurred amid the global financial crisis and the post-Brexit period, whereas Eurozone members experienced more volatile deviations around 2001, during the global financial crisis and the Eurozone sovereign debt crisis.
Date: 2021
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Working Paper: The Taylor Curve: International Evidence (2020)
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DOI: 10.1080/00036846.2021.1907284
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