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Monetary policy rules and U.S. monetary policy
Journal of Post Keynesian Economics, 2008An inflation-augmented Atesoglu monetary policy rule is introduced. The Atesoglu rule is based on an estimate of the neutral rate of interest of Keynes. Actual Fed monetary policy and policy implied by Atesoglu rules are compared. During the 1994:2-2006:4 period, monetary policy suggested by the inflation-augmented Atesoglu rule is closer to that ...
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The Taylor Rule and the Transformation of Monetary Policy [PDF]
SSRN Electronic Journal, 2007 Preface by Richard W. Fisher Introduction by Evan F. Koenig, Robert Leeson, and George A. Kahn I. TAYLOR\u2019S APPROACH TO MONETARY THEORY AND POLICY 1. Monetary Policy Rules: from Adam Smith to John Taylor by Pier Francesco Asso, Robert Leeson 2. The Taylor Rule and the Practice of Central Banking by George A. Kahn 3.
Pier Francesco Asso +2 more
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Monetary Policy, Taylor’s Rule and Instability
Metroeconomica, 2002We analyse the dynamic behaviour of an economy where the central bank (CB) sets interest rates according to a Taylor‐type policy rule. A simple model for a closed and instability‐prone economy is constructed and subjected to formal dynamical analysis and numerical simulation.
Alonso González, Luis Alberto +1 more
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2001
This chapter is about the feedback with a policy rule and examines the implications of a policy instrument in an areawide empirical macroeconomic model for EMU. The main policy conclusion of our exercise is that the use of policy rules for interest rate and monetary targeting enhances output and price stability.
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This chapter is about the feedback with a policy rule and examines the implications of a policy instrument in an areawide empirical macroeconomic model for EMU. The main policy conclusion of our exercise is that the use of policy rules for interest rate and monetary targeting enhances output and price stability.
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Monetary Policy and the Rule of Law
2003The translation of legal independence into actual independence is primarily determined by the rule of law. Inspired by the economic growth literature, where the role of institutions already is incorporated, we introduce Institutional Quality Indicators that can be used as reasonable proxies for the rule of law in a country.
Eijffinger, S.C.W., Stadhouders, P.
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Monetary policy rules and regime shifts
Applied Financial Economics, 2002A growing body of empirical literature has established interest rate rules as a convenient way to model and interpret monetary policy. However, as pointed out by Rudebusch (1998), vector autoregression (VAR) models used to recover the central banks' reaction functions generally rely on the dubious assumptions of linearity and time invariance.
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Robust European Monetary Policy Rules
Applied Economics Letters, 2003This note applies H-infinite methods to an estimated hybrid monetary policy model (cf. Sahuc, Applied Economics Letters, 9, pp. 949-55, 2002) and derives standard and robust optimal interest rate rules. We find that the "robust" central banker responds more aggressively than it does without concerns for robustness and that the responses of the state ...
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2021
Most models of monetary policy specify a single rule (frequently a Taylor rule) for setting a policy interest rate based on monetary aggregates. Here I consider an economy where the government has two channels for injecting or withdrawing money from the economy: a policy of monetary transfers to or taxes from households handled by the fiscal ...
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Most models of monetary policy specify a single rule (frequently a Taylor rule) for setting a policy interest rate based on monetary aggregates. Here I consider an economy where the government has two channels for injecting or withdrawing money from the economy: a policy of monetary transfers to or taxes from households handled by the fiscal ...
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Monetary Policy: Rules, Targets, and Shocks
Journal of Money, Credit and Banking, 1983The proper conduct of monetary policy is now once again wide open to discussion. An immediate practical controversy concerns the role of central banks in recovery from the world depression. Underlying that debate are some unresolved fundamental issues regarding the responsibilities, goals, targets, and operating procedures of central banks.
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Estimating a monetary policy rule for India [PDF]
, 2010 This paper investigates whether the seemingly discretionary and flexible approach of the Reserve Bank of India can in practice be described by a Taylor-type rule. It estimates an exchange-rate-augmented Taylor rule for India over the period Quarter 1 of 1980 to Quarter 4 of 2008.
Hutchison, Michael +2 more
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