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How well can Taylor Rules track the behavior of the ECB?

Mestrado em Economia Monetária e Financeira ; Taylor (1993) proposed a simple rule that drew attention of economists, scholars and central bankers due to its simplicity and outstanding description of Fed’s behavior in 1980s. Over time, different versions of Taylor Rules (TRs) emerged aiming to evaluate the conduct of monetary policy of US and other countries, including recently the Euro area. Attending to the ...