Journal Article

Did the Revision of the ECB Monetary Policy Strategy Affect the Reaction Function?

Rivista Italiana degli Economisti

In this paper we review and estimate Taylor-type reaction functions of the ECB for the first five years of EMU. We find economically plausible specifications indicating that the ECB has attached a large and stabilizing weight to inflation but no significa


Kai Carstensen
Roberta Colavecchio


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