RT Journal Article
SR Electronic
A1 Bureš, Jakub
T1 Herding Behaviour of Central Banks: Following the Fed and ECB
JF European Journal of Business Science and Technology
YR 2017
VO 3
IS 1
SP 21
OP 28
DO 10.11118/ejobsat.v3i1.63
UL https://ejobsat.cz/artkey/ejo-201701-0003.php
AB I apply interest rate rules, especially the Taylor rule, to identify basic determinants of the central banks' decision-making process. The results confirmed herding behaviour related to the central bank financial assets and its economic power in the US and Eurozone. The conclusions are discussed in relation to the exchange rate movements and capital flows. The empirical strategy reflects different lag structure and employs autoregressive distributed lag models.