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Title: The Taylor Rule and Interest Rates in the EMU Area

Author(s): Stefan Gerlach and Gert Schnabel

Publication Date: October 1999

Keyword(s): ECB and Taylor Rule

Programme Area(s): International Macroeconomics

Abstract: We demonstrate that average interest rates in the EMU countries in 1990-98, with the exception of the period of exchange market turmoil in 1992-93, moved very closely in relation to average output gaps and inflation as suggested by the Taylor rule.

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Bibliographic Reference

Gerlach, S and Schnabel, G. 1999. 'The Taylor Rule and Interest Rates in the EMU Area'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=2271