global disinflation environment may imply a weakening of the standard interest rate channel of monetary policy to affect …

This paper investigates the empirical relevance of a new framework for monetary policy analysis in which the decision …. Reduced-form and structural estimates of the central bank first order condition indicate that the preferences of the Fed have …

complications that arise when conducting monetary policy in a partially dollarized economy. …

In recent times, economists concur that economy's response to monetary policy is somewhat weaker then they were in the … of the transmission mechanism through which monetary policy affects the final variables of income and prices. In the … formulation and implementation of its monetary policy. This paper investigates to what extent the liberalisation processes in …

This paper surveys the postwar evolution of Bank of Japan (BOJ) monetary policy. Using both qualitative and …. Monetary policy reaction functions are estimated and used to identify major changes in policy instruments, targets, and …

This paper characterizes, empirically, the conduct of monetary policy in a small open economy. In particular, using as …. This means, in practice, that the central bank modifies its policy instrument, the interest rate, whenever expected …

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 paper surveys the economic literature on simple policy rules and analyzes econometric methods used to estimate … implications for policy advice, which is commonly done based on benchmark rules that could be improperly estimated, or selected for … a wrong reason. We simulate a simple macroeconomic model with an interest rate obtained from a simple policy reaction …

This paper evaluates the performance of simple monetary policy rules in a calibrated model for the Chilean economy. The … rate, productivity, and government expenditure. In this environment, the role of monetary policy is to offset as much as …

Under a Bayesian framework of model uncertainty, closed economy models of monetary policy typically suggest that policy … probabilities across alternative models, intensifying the policy response is recommended. In this paper, this dichotomy is found to … examine the influence of the specification of the exchange rate on policy recommendations. One model specifies that the …