{"id":1478,"date":"2023-02-13T16:19:17","date_gmt":"2023-02-13T16:19:17","guid":{"rendered":"https:\/\/www.fiw.ac.at\/publications\/the-relevance-of-international-spillovers-and-asymmetric-effects-in-the-taylor-rule\/"},"modified":"2023-02-13T16:19:17","modified_gmt":"2023-02-13T16:19:17","slug":"the-relevance-of-international-spillovers-and-asymmetric-effects-in-the-taylor-rule","status":"publish","type":"publication","link":"https:\/\/www.fiw.ac.at\/en\/publications\/the-relevance-of-international-spillovers-and-asymmetric-effects-in-the-taylor-rule\/","title":{"rendered":"The relevance of international spillovers and asymmetric effects in the Taylor rule"},"content":{"rendered":"\nDeviations of policy interest rates from the levels implied by the Taylor rule have been persistent before the financial crisis and increased especially after the turn of the century. Compared to the Taylor benchmark, policy rates were often too low. This paper provides evidence that both international spillovers, among them dependencies in the interest rate setting of central banks, and nonlinear reaction patterns can offer a more realistic specification of the Taylor rule of four major central banks.\n\n","protected":false},"featured_media":0,"menu_order":0,"template":"","jelcode":[27,485,180],"keyword":[658,659,660,657],"class_list":["post-1478","publication","type-publication","status-publish","hentry","jelcode-c22","jelcode-e43","jelcode-f36","keyword-international-spillovers","keyword-monetary-policy-interaction","keyword-smooth-transition-models","keyword-taylor-rule"],"acf":{"year":2015,"month":1,"day":"","volume":"","number":"140","pages":25,"reviewed":"0","citeid":"FIW_WP_140","fiwseries":"FIW Working Papers","event":null},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The relevance of international spillovers and asymmetric effects in the Taylor rule - FIW<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fiw.ac.at\/en\/publications\/the-relevance-of-international-spillovers-and-asymmetric-effects-in-the-taylor-rule\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The relevance of international spillovers and asymmetric effects in the Taylor rule - FIW\" \/>\n<meta property=\"og:description\" content=\"Deviations of policy interest rates from the levels implied by the Taylor rule have been persistent before the financial crisis and increased especially after the turn of the century. 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