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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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Interest rate persistence and monetary policy rule in light of model uncertainty
Yin, Shou-Yung; Lin, Chang-Ching; Chang, Ming-Jen - In: German economic review : GER 24 (2023) 2, pp. 145-190
Persistent link: https://www.econbiz.de/10014288261
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Optimal monetary policy system for both macroeconomics and financial stability
Hur, Joonyoung; Oh, Hyoung Seok - In: KDI-journal of economic policy 46 (2024) 1, pp. 91-129
estimation of a high interest rate smoothing coefficient suggests a cautious approach to interest rate adjustments. Furthermore …
Persistent link: https://www.econbiz.de/10014496719
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Modeling which factors impact interest rates
Wang, Guizhou; Hausken, Kjell - In: Journal of central banking theory and practice 12 (2023) 2, pp. 211-237
The Taylor (1993) rule for determining interest rates is generalized to account for three additional variables: The money supply, money velocity, and the unemployment rate. Thus, five parameters, i.e. weights assigned to the deviation in the inflation rate, the deviation in real GDP (Gross...
Persistent link: https://www.econbiz.de/10014316675
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Monetary policy rule and taylor principle in Mongolia : GMM and DSGE approaches
Taguchi, Hiroyuki; Gunbileg, Ganbayar - In: International Journal of Financial Studies : open … 8 (2020) 4/71, pp. 1-16
-method-of-moments (GMM) estimation and a New Keynesian dynamic stochastic general equilibrium (DSGE) model with a small open economy version … by the Bayesian estimation. The main findings are summarized as follows. First, the GMM estimation identified an … DSGE-model estimation endorsed theGMMestimation by producing a consistent outcome on the Mongolian monetary policy rule …
Persistent link: https://www.econbiz.de/10012322123
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Exiting from quantitative easing
Hayashi, Fumio; Koeda, Junko - In: Quantitative economics : QE ; journal of the … 10 (2019) 3, pp. 1069-1107
We propose an empirical framework for analyzing the macroeconomic effects of quantitative easing (QE) and apply it to Japan. The framework is a regimeswitching structural vector autoregression in which the monetary policy regime, chosen by the central bank responding to economic conditions, is...
Persistent link: https://www.econbiz.de/10012049360
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Measuring nominal and real convergence of selected CEE countries by the Taylor rule
Böing, Tobias; Stadtmann, Georg; Sydykova, Meerim - In: International journal of management and economics 52 (2016) 1, pp. 9-22
We propose using a simple Taylor rule to evaluate business cycle convergence of the Czech Republic, Hungary, and Poland with the Eurozone. Our findings indicate an ongoing convergence of those CEE countries to the Eurozone, but with instabilities and heterogeneity between the countries....
Persistent link: https://www.econbiz.de/10012026337
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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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Monetary policy reaction function in turbulent period : the case of Nigeria
Udeaja, Elias A. - In: West African journal of monetary and economic integration 20 (2020) 1A, pp. 66-81
This paper utilizes a modified structural VAR (SVAR-X) model to analyse the process of monetary policy reaction function in turbulent period compared to the period of tranquillity. The study finds that it is crucial to distinguish between the response of monetary policy to output growth and...
Persistent link: https://www.econbiz.de/10013348509
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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