Monetary policy reaction functions
Estimating monetary policy reaction functions: a discrete choice approach NBB Working Paper No 210, February 2011
... estimating monetary policy reaction functions based on research by Hu and Phillips ...drives policy rate changes and actually implementing interest rate ...aggressive policy rule ...
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Estimating Monetary Policy Reaction Functions Using Quantile Regressions
... To ensure robustness of the results I repeat the estimations for quarterly spaced data, for the subsamples 1969:4-1979:2, 1979:3-2002:4, 1983:1-2002:4 and in addition for the whole sample abstracting from the structural ...
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Are there gains from including monetary aggregates and stock market indices in the monetary policy reaction function? A simulation study of recent U S monetary policy
... the monetary pol- icy reaction ...of monetary policy reacting to changes in stock prices refers to the predictive content of asset prices for future output and ...that monetary ...
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Monetary policy reaction function pre and post the global financial crisis
... analysing monetary policy reaction functions is that they have the ability to identify the effects of monetary policy without a need to specify the complete structural model of ...
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Effectiveness and Commitment to Inflation Targeting Policy: Evidences from Indonesia and Thailand
... the monetary policy reaction functions (Equation 4) for these two Southeast Asian countries are adequately characterized as having at most two regimes (stable (Regime 1) and volatile (Regime ...
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Taylor rule in practice: Evidence from Tunisia
... etary policy rules for Israel and Turkey, the results showed that forward-looking Taylor rules seem to provide a reasonable description of central bank behavior in both ...forward-looking monetary ...
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Monetary policy rule and its performance under inflation targeting: the evidence of Thailand
... The policy reaction function is one of the useful analytical tools to describe a monetary policy rule in practices managed by a central ...nominal policy interest rate in response to ...
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Threshold effects in the monetary policy reaction function of the Deutsche Bundesbank
... two reaction functions from the threshold model compare in terms of mon- etary policy tightness? Figure 3 presents the fitted interest rates for both the below and above threshold reaction ...
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The Instability in the Monetary Policy Reaction Function and the Estimation of Monetary Policy Shocks
... separate reaction functions for the pre-Volcker and the Volcker-Greenspan periods for the derivation of the monetary policy ...of monetary policy shocks, whereas RR choose 36 ...
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A Reaction Function for the Bank of the Central African States in a Context of Fiscal Dominance
... the reaction function of the BEAC and to assess the extent to which the monetary policy is influenced by the evolution of the financial situation of the States members of the ...two reaction ...
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oa Botswana Institute of Administration & Commerce Journal - Monetary policy reaction function through extended Tailor's Rule
... This paper examined the Bank of Botswana's monetary policy reaction function (MP RF) using the extended Taylor's rule, the VECM and the impulse response functions.. We found that the[r] ...
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Interest rate rule for the conduct of monetary policy: analysis for Egypt (1997:2007)
... Apart from the modifications in the structure of the indirect monetary policy instruments, the CBE undertook a number of notable reforms in the exchange rate system. At the beginning of the 1990s, Egypt ...
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Monetary aggregates and monetary policy in Peru
... The results of the recursive analysis of the three hypotheses tested in this paper (marginal predictive content, weak and strong exogeneity), using both real-time and re- vised final data for monetary aggregates, ...
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Exchange Rate Pass through to Prices : Bayesian VAR Evidence for Ghana
... namely; exchange rate movement which affects import prices and exchange rate changes which affect import prices. This notwithstanding, it is rife in the literature to estimate the ERPT directly to domestic prices. The ...
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The role of monetary policy in managing the euro dollar exchange rate
... common monetary policy prior to ...diversified monetary policies, and thus allows us to accurately examine the (possible) linkages between the euro – dollar exchange rate and its ...
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The price puzzle and monetary policy transmission mechanism in Pakistan: Structural vector autoregressive approach
... tight monetary policy to curb inflation. SBP use monetary aggregates (M2) as intermediate target in accordance with real GDP growth and inflation targets set by the ...tight monetary ...
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Liquidity effects and cost channels in monetary transmission
... a monetary condition as given by (29h), allow us (i) to study the economy’s response to di¤erent de- mand and supply shocks under an active monetary policy, as observed in reality, inferring the ...
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The political progress of integration. European Community No. 140, November - December 1970
... The first stage of development toward union envisions a greater degree of consultation and cooperation in economic and monetary policy planning, expansion of the functions performed by t[r] ...
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Examining monetary policy reaction in the People’s Republic of China – a Markov switching policy index approach
... agents' reaction to permanent or transitory changes in the price level (Lucas 1976), in modelling credibility of the monetary authority (Weber 1992) and in measuring the persistence (or long-term effects) ...
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Reaction Function Model of Monetary Policy under Inflation Targeting Framework in Indonesia
... 6. reaction function model of opened economy was better than closed economy one, proven that value of social welfare loss function of opened economy model less than value of closed ...alternative reaction ...
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