000			01399cam a2200217 4500500
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041			_afre
042			_adc
100	1	0	_aFranceschi, Emanuele _eauthor
245	0	0	_aTaylor rules and liquidity in financial markets
260			_c2020.
500			_a66
520			_aWe revisit the US monetary policy history in the framework of a Taylor rule, using real-time data and market information. We find significant instability in the parameters of the Federal Reserve Bank reaction function to output gap and expected inflation. Motivated by the global financial crisis and the growing attention to financial markets, we study the role of liquidity in the interest rate rule. We estimate Markov switching models and find compliance to the Taylor principle during the high inflation period for a standard Taylor rule and consistent violations of the Taylor principle once we include proxies for liquidity. Such violations are not associated to periods of unanchored inflation. JEL Codes: E31, E44, E58.
690			_atrading activities
690			_asystemic risk
690			_aprudential regulation
690			_aretail banks
690			_aEuropean banking union
786	0		_nRevue économique | 72 | 1 | 2020-12-21 | p. 103-134 | 0035-2764
856	4	1	_uhttps://shs.cairn.info/journal-revue-economique-2021-1-page-103?lang=en&redirect-ssocas=7080
999			_c546405 _d546405