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Implication of the Taylor Rule on Real Exchange Rate Movement in Kenya
Nandwa, B. - In: Applied Econometrics and International Development 6 (2006) 2
, output and inflation expectations in an economy. Therefore, the ability to predict its movement over time with relative …
Persistent link: https://www.econbiz.de/10005406755
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Hopf bifurcation from new-Keynesian Taylor rule to Ramsey optimal policy
Chatelain, Jean-Bernard; Ralf, Kirsten - 2017
targets (inflation and output gap) are forward-looking variables in the new-Keynesian theory …
Persistent link: https://www.econbiz.de/10011695130
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Trilemma Challenges for the People's Republic of China
Kawai, Masahiro; Liu, Li-Gang - In: Asian Development Review 32 (2015) 1, pp. 49-89
This paper first reviews recent developments in exchange rate regimes, capital account liberalization, interest rate liberalization, and monetary policymaking in the People's Republic of China (PRC). It then observes that the PRC's monetary policy autonomy may have been reduced with falling...
Persistent link: https://www.econbiz.de/10011255220
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Explaining inflation-gap persistence by a time-varying Taylor rule
Conrad, Christian; Eife, Thomas A. - In: Journal of Macroeconomics 34 (2012) 2, pp. 419-428
In a simple New Keynesian model, we derive a closed form solution for the inflation-gap persistence parameter as a … to inflation and the output gap, we show that the empirically observed changes in US inflation-gap persistence during the …’s (2008) view that inflation persistence should not be considered a structural parameter in the sense of Lucas. …
Persistent link: https://www.econbiz.de/10010875202
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Interest rate persistence and monetary policy rule in light of model uncertainty
Yin, Shou-Yung; Lin, Chang-Ching; Chang, Ming-Jen - In: German economic review : GER 24 (2023) 2, pp. 145-190
Persistent link: https://www.econbiz.de/10014288261
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Inertia in Taylor Rules
Driffill, John; Rotondi, Zeno - C.E.P.R. Discussion Papers - 2007
The inertia found in econometric estimates of interest rate rules is a continuing puzzle. Many reasons for it have been offered, though unsatisfactorily, and the issue remains open. In the empirical literature on interest rate rules, inertia in setting interest rates is typically modelled by...
Persistent link: https://www.econbiz.de/10005067434
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Boom-Busts in Asset Prices, Economic Instability and Monetary Policy
Bordo, Michael D; Jeanne, Olivier - C.E.P.R. Discussion Papers - 2002
be summarized by a simple policy rule of the type considered in the inflation-targeting literature. …
Persistent link: https://www.econbiz.de/10005504739
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Does government ideology matter in monetary policy? A panel data analysis for OECD countries
Belke, Ansgar; Potrafke, Niklas - In: Journal of International Money and Finance 31 (2012) 5, pp. 1126-1139
This paper examines whether government ideology has influenced monetary policy in OECD countries. We use quarterly data in the 1980.1–2005.4 period and exclude EMU countries. Our Taylor-rule specification focuses on the interactions of a new time-variant index of central bank independence with...
Persistent link: https://www.econbiz.de/10010599334
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Monetary policy rules in a small open economy: an application to Mexico
Cermeño, Rodolfo; Villagómez, F. Alejandro; Polo, … - In: Journal of Applied Economics XV (2012) November, pp. 259-286
for stabilizing not only inflation around target, but also acts to achieve an output gap close to zero. Furthermore, we …
Persistent link: https://www.econbiz.de/10010616586
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Time-varying monetary-policy rules and financial stress: Does financial instability matter for monetary policy?
Baxa, Jaromír; Horváth, Roman; Vašíček, Bořek - In: Journal of Financial Stability 9 (2013) 1, pp. 117-138
We examine whether and how selected central banks responded to episodes of financial stress over the last three decades. We employ a recently developed monetary-policy rule estimation methodology which allows for time-varying response coefficients and corrects for endogeneity. This flexible...
Persistent link: https://www.econbiz.de/10011046564