to generate Taylor rule policy rates for both the United States and the euro area, I use measured rates of unemployment and natural unemployment rate estimated by the Organisation for Economic Co-operation and Development. I use core inflation rates, which exclude volatile energy and food prices. U.S. researchers frequently use core inflation because it tends to predict medium-term inflation better than headline inflation. To make results comparable, I also use core inflation for the euro area and its member countries. The ECB explicitly focuses on headline inflation, so I perform the same exercise with that measure.