Adema, Yvonne - de Nederlandsche Bank - 2004
develop a modified Taylor rule based on (quasi-)real time data for the euro area. We find that modified Taylor rules based on … (quasi-)real time data and an interest rate smoothing term give a good description of monetary policy in the euro area during … the 1994-2000 period. These Taylor rules could serve as indicators of the monetary stance in the euro area. But the …