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Figure 5

Recursive estimates of the equilibrium real interest rate in the euro area Percentage points per annum

3 4 5 6 7 8 1992 1994 1996 1998 2000

Equilibrium real interest rate

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Figure 6

Time-varying estimate of the euro area equilibrium real interest rate Percentage points per annum

-2 0 2 4 6 8 10 86 88 90 92 94 96 98 00

Equilibrium real interest rate

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Figure 7

Actual and target interest rates implied by the Taylor rule (baseline specification, eq.(1)) Percentage points per annum

0 2 4 6 8 10 12 14 86 88 90 92 94 96 98 00

Target interest rate Actual interest rate

5. Conclusions

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