A measure of monetary conditions

This paper explains why the overall stance of monetary policy is effected by both interest rates and the exchange rate, and hence why a Monetary Conditions Indicator can provide useful information about the stance of policy. Three output gap equations estimated in this paper reveal that the real interest rate and the real exchange rate both affect excess demand but that the real interest rate is the more powerful and faster acting policy transmission channel.

MoreLess

Year of publication:	1997-01
Authors:	Dennis, Richard
Institutions:	Reserve Bank of New Zealand

freely available

Full text |

More access options

Check Google Scholar

In German libraries (KVK)

I need help

More details

Series:	Reserve Bank of New Zealand Discussion Paper Series.
Type of publication:	Book / Working Paper
Notes:	Number G97/1 17 pages long
Classification:	C22 - Time-Series Models ; C52 - Model Evaluation and Testing ; E58 - Central Banks and Their Policies
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005061994