Discussion Paper Details
Please find the details for DP8160 in an easy to copy and paste format below:
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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Aastrup, M and Jensen, H. 2010. 'What Drives the European Central Bank's Interest-Rate Changes?'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=8160