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Why Does the Yield Curve Predict Economic Activity? Dissecting the Evidence for Germany and the United States
Smets, Frank; Tsatsaronis, Kostas - C.E.P.R. Discussion Papers - 1997
This paper investigates why the slope of the yield curve predicts future economic activity in Germany and the United … spread in that country. However, the main reason for the stronger leading indicator property in Germany is the positive … at lag four in Germany and almost nothing in the United States. …
Persistent link: https://www.econbiz.de/10005123911
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Interest Rate Rules and Money as an Indicator Variable
Gerberding, Christina; Seitz, Franz; Worms, Andreas - In: Credit and Capital Markets 45 (2012) 4, pp. 501-529
The paper derives the monetary policy reaction function implied by using money as an indicator variable. It consists of an interest rate response to deviations of the inflation rate from target, to the change in the output gap, to money demand shocks and to the lagged interest rate. We show that...
Persistent link: https://www.econbiz.de/10010883557
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Taylor Rule and Monetary Policy in Tunisia
Sghaier, Imen Mohamed - In: Romanian Economic Journal 15 (2012) 45, pp. 143-166
This paper estimates the forward-looking monetary policy reaction function of the Central Bank of Tunisia (CBT) using quarterly data from 1993:Q2 to 2011:Q4. Policies which the CBT applied are analyzed according to the Taylor rule. The empirical results indicate that the CBT followed the Taylor...
Persistent link: https://www.econbiz.de/10010934734
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Inflation Targeting in Colombia, 2002–12
Hofstetter, Marc; Hamann, Franz; Urrutia, Miguel - In: ECONOMIA JOURNAL OF THE LATIN AMERICAN AND CARIBBEAN … (2014)
After decades using monetary aggregates as the main instrument of monetary policy and having different varieties of crawling peg exchange rate regimes, Colombia adopted a full-fledged inflation-targeting (IT) regime in 1999, with inflation as the nominal anchor, a floating exchange rate, and the...
Persistent link: https://www.econbiz.de/10010945756
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Time-Varying Monetary-Policy Rules and Financial Stress: Does Financial Instability Matter for Monetary Policy?
Baxa, Jaromir; Horvath, Roman; Vasicek, Borek - Česká Národní Banka - 2011
. We employ a new monetary-policy rule estimation methodology which allows for time-varying response coefficients and … corrects for endogeneity. This flexible framework applied to the USA, the UK, Australia, Canada, and Sweden, together with a …
Persistent link: https://www.econbiz.de/10009221547
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Estimating a Monetary Policy Rule for India
Hutchison, Michael; Sengupta, Rajeswari; Singh, Nirvikar - Volkswirtschaftliche Fakultät, … - 2010
We investigate whether the seemingly discretionary and flexible approach of India’s central bank, the Reserve Bank of India (RBI), can in practice be described by a Taylor-type rule. We estimate an exchange rate-augmented Taylor rule for India over the period 1980Q1 to 2008Q4, allowing for...
Persistent link: https://www.econbiz.de/10008592932
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Inflation Targeting, Credibility, and Non-Linear Taylor Rules
Neuenkirch, Matthias; Tillmann, Peter - Volkswirtschaft Abteilung, Fachbereich … - 2012
In this paper we systematically evaluate how central banks respond to deviations from the inflation target. We present a stylized New Keynesian model in which agents' inflation expectations are sensitive to deviations from the inflation target. To (re-) establish credibility, monetary policy...
Persistent link: https://www.econbiz.de/10010692011
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How the Bundesbank really conducted monetary policy
Gerberding, Christina; Seitz, Franz; Worms, Andreas - Society for Computational Economics - SCE - 2005
explanatory variables. Accordingly, we compile a real-time data set for Germany including the Bundesbank’s own estimates of …
Persistent link: https://www.econbiz.de/10005132654
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Is India ready for flexible inflation-targeting?
Gupta, Abhijit Sen; Sengupta, Rajeswari - Indira Gandhi Institute of Development Research (IGIDR) - 2014
In this paper we analyze whether the current macroeconomic environment in India is suitable for implementation of inflation targeting as a monetary policy strategy, in light of the recommendation of the Urjit Patel Committee Report. Our results indicate that historically the Reserve Bank of...
Persistent link: https://www.econbiz.de/10010781510
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Inflation Targeting in Colombia, 2002-2012
Hamann, Franz; Hofstetter, Marc; Urrutia, Miguel - BANCO DE LA REPÚBLICA - 2014
After decades using monetary aggregates as the main instrument of monetary policy and having different varieties of crawling peg exchange rate regimes, Colombia adopted a full-fledged inflation-targeting (IT) regime in 1999, with inflation as the nominal anchor, a floating exchange rate, and the...
Persistent link: https://www.econbiz.de/10010828188