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Nonlinear reaction functions : evidence from India
Ajaz, Taufeeq - In: Journal of central banking theory and practice 8 (2019) 1, pp. 111-132
This paper uses time-series data from India and tests for asymmetries in policy preferences of the Reserve Bank of India (the Central Bank of India, hereafter RBI). The results show evidence in favour of preference asymmetries in monetary policy reaction function in India and hence...
Persistent link: https://www.econbiz.de/10011965222
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How anchored are inflation expectations in EMU countries?
van der Cruijsen, Carin; Demertzis, Maria - In: Economic Modelling 28 (2011) 1, pp. 281-298
Anchored inflation expectations help stabilize inflation. Previous results indicate that monetary policy has been effective in breaking the link between actual and expected inflation at the euro area level. In this paper we examine whether this is also true at the national level. We define the...
Persistent link: https://www.econbiz.de/10010577069
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Reading between the lines : using text analysis to estimate the loss function of the ECB
Paloviita, Maritta; Haavio, Markus; Jalasjoki, Pirkka; … - 2020
We measure the tone (sentiment) of the ECB's Governing Council regarding economic outlook at the time of each monetary … policy meeting and use this information together with the Eurosystem/ECB staff macroeconomic projections to directly estimate … estimations, that the ECB has been either more averse to inflation above 2% ceiling or that the de facto inflation aim has been …
Persistent link: https://www.econbiz.de/10012239727
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The role of structural breaks and time-varying conditions in the evolution of the reaction function of the Central Bank of Nigeria : (evolution of CB reaction function in Nigeria)
Adegboye, Abidemi C.; Emoedume, Queeneth I. - In: West African journal of monetary and economic integration 22 (2022) 2, pp. 1-32
n this study, we examine the evolution of the Central Bank of Nigeria's (CBN) reaction function since the adoption of the structural Adjustment Programme (SAP). We consider the role of structural breaks in the reaction function, the leading composition, as well as the driving factors behind...
Persistent link: https://www.econbiz.de/10014516037
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The rocky path to inflation reduction
Ferber, Markus - In: Intereconomics : review of European economic policy 58 (2023) 3, pp. 148-150
Persistent link: https://www.econbiz.de/10014289782
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Activist stabilization policy and inflation : the Taylor rule in the 1970s
Orphanides, Athanasios - 2002
A number of recent studies have suggested that activist stabilization policy rules responding to inflation and the output gap can attain simultaneously a low and stable rate of inflation as well as a high degree of economic stability. The foremost example of such a strategy is the policy rule...
Persistent link: https://www.econbiz.de/10009767123
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Monetary policy between stability and growth
Fabris, Nikola - In: Journal of central banking theory and practice 13 (2024) 1, pp. 27-42
turnaround in monetary policy pursuits and a rapid rise in reference interest rates. The FED reacted much faster than the ECB and …
Persistent link: https://www.econbiz.de/10014496247
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Monetary policy between stability and growth
Fabris, Nikola - In: Journal of Central Banking Theory and Practice 13 (2024) 1, pp. 27-42
turnaround in monetary policy pursuits and a rapid rise in reference interest rates. The FED reacted much faster than the ECB and …
Persistent link: https://www.econbiz.de/10014558486
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Explaining inflation persistence by a time-varying Taylor rule
Conrad, Christian; Eife, Thomas A. - 2010
In a simple New Keynesian model, we derive a closed form solution for the inflation persistence parameter as a function of the policy weights in the central bank’s Taylor rule. By estimating the time-varying weights that the FED attaches to inflation and the output gap, we show that the...
Persistent link: https://www.econbiz.de/10008758155
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Explaining inflation-gap persistence by a Time-Varying Taylor rule
Conrad, Christian; Eife, Thomas A. - 2012 - This draft: January 2012
In a simple New Keynesian model, we derive a closed form solution for the inflation-gap persistence parameter as a function of the policy weights in the central bank’s Taylor rule. By estimating the time-varying weights that the FED attaches to inflation and the output gap, we show that the...
Persistent link: https://www.econbiz.de/10009526206