* The Taylor rule in question 19 is thought to be a reasonably good description of policy...
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* The Taylor rule in question 19 is thought to be a reasonably good description of policy behavior in the United States in the absence of unusual fi nancial market conditions or defl ationary worries. Taking into account what you know about the policy goals of the ECB and that the average growth rate tends to be lower in Europe than in the United States, how would you amend the Taylor rule to better approximate policymaking behavior by the ECB?
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Related Book For 
Money Banking And Financial Markets
ISBN: 9780073375908
3rd Edition
Authors: Stephen Cecchetti, Kermit Schoenholtz
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