Belke, Ansgar; Polleit, Thorsten - 2006
Monetary policies of the ECB and US Fed can be characterised by "Taylor rules", that is both central banks seem to be … general, Taylor rules appear to be a much better way of describing Fed policy than ECB policy. Simulations suggest that the … ECB's short-term interest rates have been at a much lower level in the last two years compared with what a Taylor rule …