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Does Mccallum's Rule Outperform Taylor's Rule During the Financial Crisis?

Jung, Alexander - 2020

This paper makes an empirical comparison of two simple monetary policy rules, the McCallum rule and the Taylor rule and uses them to assess the monetary policy stance of the ECB during the financial crisis. After the Taylor rule, the McCallum rule ranks among the most widely analysed nominal...

Persistent link: https://www.econbiz.de/10012827869

Analysis of the Monetary Policy Rule in the Russian Economy

Salmanov, Oleg - 2020

This article summarizes the results of an empirical study of the monetary policy in the Russian economy. The goal of the work is to establish the conformity of the regulator's policy to the "monetary policy rule". For this purpose, the monetary policy rules are assessed: from the Taylor and...

Persistent link: https://www.econbiz.de/10012827926

Monetary Policy in Real Time : The Role of Simple Rules

Qvigstad, Jan F. - 2019

Setting the interest rate in an inflation targeting regime requires a total assessment, often translated into forecasts, of the outlook for inflation and real activity. In the assessment process, it is useful to have some references or cross-checks, in terms of simple rules. Although simple...

Persistent link: https://www.econbiz.de/10012889461

Future Monetary Policy Rules in Forward Guidance

Morris, Stephen - 2015

US Federal Open Market Committee (FOMC) projections for the federal funds rate are inherently subject to revision with the availability of new data. But when issued jointly with projections for macroeconomic aggregates, they also contain conditional information about the intended future policy...

Persistent link: https://www.econbiz.de/10013018767

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

Inertia in Taylor Rules

Driffill, John - 2008

The inertia found in econometric estimates of interest rate rules is a continuing puzzle. Many reasons for it have been offered, though unsatisfactorily, and the issue remains open. In the empirical literature on interest rate rules, inertia in setting interest rates is typically modeled by...

Persistent link: https://www.econbiz.de/10012726135

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

What Does Monetary Policy Reveal About a Central Bank's Preferences?

Castelnuovo, Efrem; Surico, Paolo - 2003

The design of monetary policy depends on the targeting strategy adopted by the central bank. This strategy describes a set of policy preferences, which are actually the structural parameters to analyse monetary policy making. Accordingly, we develop a calibration method to estimate a central...

Persistent link: https://www.econbiz.de/10014074652

Monetary Policy Rules and the Great Inflation

Orphanides, Athanasios - 2002

The nature of monetary policy during the 1970s is evaluated through the lens of a forward-looking Taylor rule based on perceptions regarding the outlook for inflation and unemployment at the time policy decisions were made. The evidence suggests that policy during the 1970s was essentially...

Persistent link: https://www.econbiz.de/10014120487

What Does Monetary Policy Reveal About Central Bank's Preferences?

Surico, Paolo; Castelnuovo, Efrem - 2002

The design of monetary policy depends upon the targeting strategy adopted by the central bank. This strategy describes a set of policy preferences, which are actually the structural parameters to analyse monetary policy making. Accordingly, we develop a novel calibration method to identify...

Persistent link: https://www.econbiz.de/10014120497