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The Taylor curve: international evidence

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info:eu-repo/semantics/openAccess

Date

2021

Author

Çekin, Semih Emre
Gupta, Rangan
Olson, Eric

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Citation

Çekin, S. E., Gupta, R., & Olson, E. (2021). The Taylor curve: international evidence. Applied Economics, 1-12.

Abstract

We use the Taylor curve to gauge deviations of monetary policy from an efficiency locus for the United Kingdom (UK) and the four largest economies of the Eurozone (Germany, France, Italy, Spain) for the period 2000–2018. For this purpose, we use shadow interest rates, which is a common metric for both conventional and unconventional monetary policies, and the newly proposed Hamilton-filter to measure output gap, which improves upon the drawbacks of the traditionally used Hodrick–Prescott filter. Our findings suggest that deviations in the UK mostly occurred amid the global financial crisis and the post-Brexit period, whereas Eurozone members experienced more volatile deviations around 2001, during the global financial crisis and the Eurozone sovereign debt crisis.

Source

Applied Economics

URI

https://hdl.handle.net/20.500.12846/580

Collections

  • İktisat Bölümü Koleksiyonu [19]
  • Scopus İndeksli Yayınlar Koleksiyonu [278]
  • WoS İndeksli Yayınlar Koleksiyonu [315]



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