The overall expansion did not appear to conform to previous cyclical norms. The rate of growth of GDP and investment in non-residential structures increased very slowly in the initial years of the 1990s compared to previous, prolonged expansions, in the 1960s and 1980s.
Taylor also finds some evidence (though not conclusive) that rate decisions of the European Central Bank (ECB) were also affected by the US Fed monetary policy decisions, though they did not go as far down the policy rate curve as the US Fed did.