The Where latter is taken from Wu and Xia (2014) and is an indicator of the monetary policy conditions that summarizes the level of monetary policy easing in the U.S. In this setting, such indicator takes into account the impact of the unconventional monetary policies implemented by the Fed once the federal fund rate reached the zero lower bound.
Table 1 shows the results of the first specification (Conventional Taylor Rule). The first and second columns correspond to the coefficients associated to the inflation gap and the output gap, respectively. 5  The countries considered for this analysis are: Canada, Czech Republic, euro zone, Israel, Korea, Mexico, New Zealand, Norway, Poland, South Africa and Thailand.