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Monetary Magic? How the Fed Improved the Supply Side of the Economy
Sgherri, Silvia; Bayoumi, Tamim - Econometric Society - 2004
Extending recent theoretical contributions on sources of inflation inertia, we argue that monetary uncertainty accounts for sluggish expectations adjustment to nominal disturbances. Estimating a model in which rational individuals learn over time about shifts in U.S. monetary policy and the...
Persistent link: https://www.econbiz.de/10005702768
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Generalized Two-Step Maximum Likelihood Estimation of Structural Vector Autoregressive Models partially identified with Short-Run Restrictions
Jang, Kyungho - Econometric Society - 2004
This paper presents a generalized two-step maximum likelihood estimation method for partially identified vector autoregressive models. We suggest a likelihood ratio test for over-identification in a sub-system and derive the asymptotics for impulse responses and forecast-error variance...
Persistent link: https://www.econbiz.de/10005702745
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Estimating Monetary Policy Effects When Interest Rates are Bounded at Zero
Wu, Shu; Iwata, Shigeru - Econometric Society - 2004
Using a nonlinear structural VAR approach, we estimate the effects of exogenous monetary policy shocks in the presence of a zero lower bound constraint on nominal interest rates and examine the impact of such a constraint on the effectiveness of counter-cyclical monetary policies based on the...
Persistent link: https://www.econbiz.de/10005063754
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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
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Simple Monetary Policy Rules for Developing Countries
Medina, Juan Pablo; Lama, Ruy - Econometric Society - 2004
, depending on the source of the shock, it is optimal to stabilize either the price of the tradable goods or the nontradable goods …
Persistent link: https://www.econbiz.de/10005699636
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Inflation Targeting and Q Volatility in Small Open Economies
McNelis, Paul D.; Lim, Guay C. - Econometric Society - 2004
This paper examines the welfare implications of managing Q with inflation targeting by monetary authorities who have to "learn" the laws of motion for both inflation and the rate of growth of Q. Our results show that the Central Bank can achieve great success in reducing the volatility of GDP...
Persistent link: https://www.econbiz.de/10005702704
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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
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The exchange rate - how should we respond? A new-Keynesian modelling exercise
Stephens, Dominick - Econometric Society - 2004
Preliminary research at the Reserve Bank of New Zealand has suggested that including exchange rate stabilisation within the goals of monetary policy significantly increases the volatility of inflation, output and interest rates. The benefits of exchange rate stabilisation therefore do not...
Persistent link: https://www.econbiz.de/10005342184
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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
-monetary shocks. One exogenous shock that many economists believe contributes to the business cycle fluctuations that feed into the … Taylor rule is the technology shock. In an effort to identify the empirical effects of technology shocks, Gali (1999 … technology shock was a key first step in developing a unified reduced-form framework with which to examine the role that monetary …
Persistent link: https://www.econbiz.de/10005342196
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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