Now and always, the relevance of the Taylor rule in Europe
研究发现，欧元采用后，欧洲央行遵循前瞻性泰勒规则，名义和实际短期利率随预期通胀上升或产出下降而调整，且政策反应幅度与欧元前德国、法国和意大利的央行一致，表明欧洲央行始终积极控制通胀。
Abstract We find that, after the adoption of the euro, the European Central Bank has followed a forward‐looking Taylor rule. This rule is such that nominal as well as real short‐term interest rates increase in response to higher expected inflation or decline in output. Our findings show that the European Central Bank policy responses are of the same magnitude and sign as the ones prevailing in the pre‐euro era for Germany, France, and Italy. We conclude that, before and after the euro, central banks in Europe have adopted a proactive stance towards controlling inflation.