Discussion Paper Details

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

Author(s): Morten Aastrup and Henrik Jensen

Publication Date: December 2010

Keyword(s): ECB monetary policy, Taylor principle and Taylor rules

Programme Area(s): International Macroeconomics

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.

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Bibliographic Reference

Aastrup, M and Jensen, H. 2010. 'What Drives the European Central Bank's Interest-Rate Changes?'. London, Centre for Economic Policy Research.