the inflation rate. Second, economic activity measures have been in the focus of the ECB before the financial crisis broke … out. Third, over the last decade, the role of economic activity for ECB monetary policy has decreased so that inflation …

This paper estimates forward-looking Taylor rules for the euro area. Using the asymmetries in inflation and cyclical … not there has been a synchronisation of business and inflation cycles among the EMU member countries over the years …

, interest rate spreads and asset price inflation should be added to the classical Taylor rule because these variables are … the Fed is concerned, the impact of consumer price inflation, and money and credit growth turns negative during the crisis … while the sign of the asset price inflation coefficient turns positive. Thus we are able to establish significant …

the Fed is concerned, the impact of consumer price inflation, and money and credit growth turns negative during the crisis … while the sign of the asset price inflation coefficient turns positive. Thus we are able to establish significant … price inflation becomes even stronger than before. Moreover we find evidence of a less inertial policy of both the Fed and …

began in August 2007 inflation expectations were high and rising, particularly in the United States. We have two additions … maintaining a standard output-inflation mandate. We have three interpretations of our results. One, because the Federal Reserve …