Siklos, Pierre L.; Werner, Thomas; Bohl, Martin T. - 2004
Italy, as well as for the ECB. Forward, backward and forecast-based rules are estimated for a variety of samples since the … prices appear at best to serve as indicators of the direction of interest rates and not as a variable that the ECB directly …. Furthermore too aggressive reactions to stock prices in particular would have led to an implausible monetary policy. Hence, asset …