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What Drives the European Central Bank's Interest-Rate Changes?

Morten Aastrup and Henrik Jensen ()

No 8160, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: We show that the ECB's interest rate changes during 1999-2010 have been mainly driven by changes in economic activity in the Euro area. Changes in actual or expected future HICP inflation play a minor, if any, role.

Keywords: ECB monetary policy; Taylor principle; Taylor rules (search for similar items in EconPapers)
JEL-codes: E43 E58 (search for similar items in EconPapers)
Date: 2010-12
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