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What Explains the Varying Monetary Response to Technology SHocks in G7-Countries

Theodorou, Athena T.; Francis, Neville R.; Owyang, … - Econometric Society - 2004

inflation. Using the Gali (1999) identification, they find that during the Volcker-Greenspan (VG) era the Fed's response to the … technology shock is to raise the nominal interest rate, while during the Martin-Burns-Miller (MBM) era the Fed lowers the nominal …, Jordi; Lopez-Salido, J. David; and Valles, Javier (2003). "Technology Shocks and Monetary Policy: Assessing the Fed …

Persistent link: https://www.econbiz.de/10005342196

The Changing Malaysian Financial Environment and the Effects on Its Monetary Policy Transmission Mechanism

Raghavan, Mala Valliammai - Econometric Society - 2004

In recent times, economists concur that economy's response to monetary policy is somewhat weaker then they were in the past. However, the cause of such change remains an open issue. One plausible reason for this change could be attributed to the financial reform processes that have brought...

Persistent link: https://www.econbiz.de/10005342178

Japan's Monetary Policy Transition, 1955-2004

Yoshino, Naoyuki; Rhodes, James R. - Econometric Society - 2004

This paper surveys the postwar evolution of Bank of Japan (BOJ) monetary policy. Using both qualitative and quantitative data, we describe the changes in the money supply process in response to changing institutional constraints. We focus on the transition from quantitative to qualitative...

Persistent link: https://www.econbiz.de/10005342362

Exchange Rates, Inflation and Monetary Policy Objectives in Open Economies: The Experience of Chile

Caputo, Rodrigo - Econometric Society - 2004

This paper characterizes, empirically, the conduct of monetary policy in a small open economy. In particular, using as a case study the Chilean inflation targeting experience, we assess the role of the exchange rate in the determination of the interest rate. We conclude that Chile has adopted...

Persistent link: https://www.econbiz.de/10005063562

The Use and Abuse of Taylor Rules: How precisely can we estimate them?

Tchaidze, Robert; Carare, Alina - Econometric Society - 2004

This paper surveys the economic literature on simple policy rules and analyzes econometric methods used to estimate them, emphasizing effects of model misspecification. We draw attention to inconsistencies in evaluation of the rules and implications for policy advice, which is commonly done...

Persistent link: https://www.econbiz.de/10005699589

Simple Monetary Policy Rules for Developing Countries

Medina, Juan Pablo; Lama, Ruy - Econometric Society - 2004

This paper evaluates the performance of simple monetary policy rules in a calibrated model for the Chilean economy. The monetary regimes considered are: exchange rate peg, money peg, inflation targeting, nontradable inflation targeting, and a Taylor rule. We develop a small open economy model...

Persistent link: https://www.econbiz.de/10005699636

International Evidence on Monetary Neutrality Under Broken Trend Stationary Models

Velazquez, R.; Noriega, A.E.; Soria, L.M. - Econometric Society - 2004

We analyze the issue of the impact of multiple breaks on monetary neutrality results, using annual data on real output and monetary aggregates for Argentina (1884-1996), Australia (1870-1997), Brazil (1912-1995), Canada (1870-2001), Italy (1870-1997), Mexico (1932-2000), Sweeden (1871-1988), and...

Persistent link: https://www.econbiz.de/10005699639

Inflation Targeting and Nonlinear Policy Rules: the Case of Asymmetric Preferences

Surico, Paolo - Econometric Society - 2004

. Reduced-form and structural estimates of the central bank first order condition indicate that the preferences of the Fed have …

Persistent link: https://www.econbiz.de/10005328857

On the Reasons Behind Fear of Floating: Pass-through Effects vs. Contractionary Depreciations

Castro, Juan F. - Econometric Society - 2004

Based on a simple open economy framework, this analysis rationalizes the existence of â€œfear of floatingâ€-type responses and uncovers some important implications about to role of pass-through effects and contractionary depreciations. By examining how the optimal monetary response varies...

Persistent link: https://www.econbiz.de/10005328866

Inflation Target as a Buffer against Liquidity Trap

Nishiyama, Shin-Ichi - Econometric Society - 2004

In times of low-inflation, conventional monetary policy is perpetually exposed to the risk of being caught by the liquidity trap. As a part of a pre-emptive monetary policy to avoid the liquidity trap, many economists have pointed out that this risk can be possibly circumvented by targeting a...

Persistent link: https://www.econbiz.de/10005063747

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