06-06-2003 02:24									#271
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First quick glance:

quote: According to the Taylor Rule - by which a central bank should alter rates systematically in response to deviations from target inflation and from full employment - the picture is even more striking. The Fed's policy is consistent with the rule, but the ECB has been pursuing policies that are more expansionary.

The BoJ's rate policy during the 90's has been equally consistent to that rule as the the fed has been. More damning comments later.

	06-06-2003 02:34									#272
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Oh boy, I love this crap, it's 1999 all over again.

	06-06-2003 02:47									#273
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The targeted inflation rate is another matter. Targeting the inflation rate at 2% in Europe is damaging the economy.

The Fed has been waiting to see how the economy does after the war. They are still targeting the inflation rate, but they haven't made a decision yet about how to get back to it.

The BOJ is not targeting the inflation rate, but they should. I believe they are targeting the exchange rate of the Yen.