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

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Year of publication:	2003
Authors:	Dennis, Richard
Publisher:	[S.l.] : SSRN
Subject:	Geldpolitik \| Monetary policy \| Zins \| Interest rate \| Messung \| Measurement \| Theorie \| Theory \| Monetärer Indikator \| Monetary indicator \| Wechselkurs \| Exchange rate \| Wirtschaftsindikator \| Economic indicator

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Extent:	1 Online-Ressource (19 p)
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments 1997 erstellt
Other identifiers:	10.2139/ssrn.348201 [DOI]
Classification:	C22 - Time-Series Models ; C52 - Model Evaluation and Testing ; E58 - Central Banks and Their Policies
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10014103326