Showing 1 - 10 of 526
for inflation and exchange rates. This paper attempts to quantify the short and long term relationship between inflation …, Mexico and Brazil. Extending the Fisher model, the aim is to determine whether or not these markets have failed to keep pace … the last three decades), and therefore to what extent the stock market succeeds or fails to test as inflation hedges. The …
Persistent link: https://www.econbiz.de/10014593158
Purpose – This article aims to analyze if the adoption of inflation targeting in Brazil contributed to an improvement …‐offs. Findings – The findings denote that the disinflationary process implemented in Brazil, after the adoption of inflation … in the conduction of monetary policy capable of increasing credibility and reducing inflation without an increase in the …
Persistent link: https://www.econbiz.de/10014863192
this study is that, in inflation targeting emerging economies, such as that of Brazil, following a committed monetary … activity and the process of anchoring of inflation expectations affect the supply of credit in Brazil. Moreover, the paper … monetary policy through the credit channel in Brazil. The study verifies if the monetary policy, the economic activity and the …
Persistent link: https://www.econbiz.de/10014864360
than one-for-one with inflation; a rule with this characteristic is described as stabilizing. This paper discusses the …
Persistent link: https://www.econbiz.de/10014588340
Abstract The conduct of monetary policy during the 1970s was greatly complicated by systematic real-time misperceptions of the state of economic activity as measured by the output gap. Employing real-time data and using the Taylor rule as an analytical framework, I explore the implications of...
Persistent link: https://www.econbiz.de/10014588368
This paper estimates a standard version of the New Keynesian monetary (NKM) model under alternative specifications of the monetary policy rule using U.S. and Eurozone data. The estimation procedure implemented is a classical method based on the indirect inference principle. An unrestricted VAR...
Persistent link: https://www.econbiz.de/10014588415
Many researchers have found that the lagged interest rate enters estimated monetary policy rules with overwhelming significance, suggesting that policy adjusts gradually to changes in economic conditions. However, Rudebusch (2002) argues that the lagged interest rate is not a fundamental...
Persistent link: https://www.econbiz.de/10014588428
Abstract Interest-rate smoothing is traditionally attributed to the gradual adjustment of monetary policy to shocks. Rudebusch (2002) argues that smoothing can also arise spuriously if an autocorrelated variable is incorrectly excluded from the estimated reaction function. This paper presents a...
Persistent link: https://www.econbiz.de/10014588446
explain the origin and size of inflation bias.  …
Persistent link: https://www.econbiz.de/10014588459
Abstract The question whether central banks should bear responsibility for financial stability remains unanswered. In connection with the use of interest rates, it is therefore not clear whether and how the Taylor rule should be augmented by an additional financial stability term. This paper...
Persistent link: https://www.econbiz.de/10014619305