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Nonlinear monetary policy rules : an essay in the comparative study on Egyptian and Tunisian central banks
Baaziz, Yosra; Labidi, Moez - In: Economies : open access journal 4 (2016) 2, pp. 1-18
The purpose of this paper is to evaluate the behavior of monetary authorities in Tunisia and Egypt, in response to changes in macroeconomic variables over time based on LSTR model. In this sense, we estimate Taylor-type equations for short-term interest rate in Tunisia and Egypt using quarterly...
Persistent link: https://www.econbiz.de/10011499480
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An exchange rate policy rule
Parrado, Eric - 2023
This paper introduces a novel monetary policy framework where the exchange rate becomes the central instrument. Using Singapore as a case study, it explores the Monetary Authority's adoption of the exchange rate as the primary tool since 1981, diverging from conventional approaches centered on...
Persistent link: https://www.econbiz.de/10014538995
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Inflation targeting in Colombia, 2002 - 2012
Urrutia, Miguel; Hofstetter Gascón, Marcel; Hamann S., … - 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/10011285649
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Explicit and Implicit Targets in Open Economies
Sgherri, Silvia - 2006
Under a flexible inflation targeting regime, should policymakers avoid any reaction to movements in the foreign exchange market? Using data for six advanced open economies explicitly targeting inflation, the paper examines empirically whether real exchange rate disequilibria systematically...
Persistent link: https://www.econbiz.de/10012780739
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Monetary Policy in Small Open Economies : The Role of Exchange Rate Rules
Santacreu, Ana Maria - 2019
Understanding the costs and benefits of alternative monetary policy rules is important for economic welfare. Within the context of a small open economy model and building on the work of Mihov and Santacreu (2013), the author analyzes the economic implications of two monetary policy rules. The...
Persistent link: https://www.econbiz.de/10012903934
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Taylor Rule Deviations and Out-of-Sample Exchange Rate Predictability
Ince, Onur - 2019
The Taylor rule has become the dominant model for academic evaluation of out-of-sample exchange rate predictability. Two versions of the Taylor rule model are the Taylor rule fundamentals model, where the variables that enter the Taylor rule are used to forecast exchange rate changes, and the...
Persistent link: https://www.econbiz.de/10012904307
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Implication of the Taylor Rule on Real Exchange Rate Movement in Kenya
Nandwa, Boaz - 2008
More often, persistent fluctuations in the real exchange rate tends to have significant adverse impact on prices, output and inflation expectations in an economy. Therefore, the ability to predict its movement over time with relative degree of accuracy is imperative for effective monetary policy...
Persistent link: https://www.econbiz.de/10014215458
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The Changing Role of the Yen/Dollar Exchange Rate for Japanese Monetary Policy
Schnabl, Gunther - 2005
This paper studies the role of the yen/dollar exchange rate in the Bank of Japan's monetary policy reaction function. In contrast to prior estimations of reaction functions based on the Taylor-rule, we allow for regime shifts by estimating rolling coefficients from January 1974 to March 1999....
Persistent link: https://www.econbiz.de/10014084106
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Is the Renminbi undervalued? : the myths of China's trade surplus and global imbalances
Plasschaert, Sylvain - 2011
Alarmed by the persistent and large US trade deficit vis-à-vis China and the rapidly swelling Chinese foreign exchange … of the present international economy and of China's financial system. Indeed, the record growth of China's exports to the … US stems largely from joint ventures and affiliates of multinational enterprises; exports attributed to China usually …
Persistent link: https://www.econbiz.de/10008840269
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A Role Model for China? Exchange Rate Flexibility and Monetary Policy in Japan
Schnabl, Gunther; Danne, Christian - 2021
provides an important role model for China, this paper studies the role of the yen/dollar exchange rate for Japanese monetary …
Persistent link: https://www.econbiz.de/10013316946