The nonlinear Taylor rule
Monetary policy rules in emerging countries: is there an augmented nonlinear Taylor rule?
... Cukierman and Muscatelli, 2008; Castro, 2011; Martin and Milas, 2004, 2013; Ahmad, 2016, among others). The empirical findings can be summarised as follows. First, a nonlinear Taylor rule best ...
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Interest rate setting and inflation targeting : evidence of a nonlinear Taylor rule for the United Kingdom
... general, nonlinear format for the Taylor rule, we start by allowing for the possibility that the interest rate instrument might experience three regimes depending on whether inflation is above, ...
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Modeling Changes in U S Monetary Policy with a Time Varying Nonlinear Taylor Rule
... Abstract The monetary economics literature has highlighted four issues that are important in evaluating U.S. monetary policy since the late 1960s: (i) time variation in pol- icy parameters, (ii) asymmetric preferences, ...
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Working Paper 113 - Monetary Policy Conduct Based on Nonlinear Taylor Rule: Evidence from South Africa
... the nonlinear Taylor rule ...a nonlinear Taylor rule, although other studies that left out the structural break they find that the linear Taylor rule ...than ...
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Are Central Banks following a linear or nonlinear (augmented) Taylor rule?
... traditional Taylor rule is an optimal policy rule that is derived from the minimization of a symmetric quadratic central bank’s loss function assuming that the aggregate supply function is ...a ...
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Is the Tunisian Central Bank following a Linear or a Nonlinear Augmented Taylor Rule?
... the rule that reflects the behavior of the Tunisian monetary authority in the current dominance of economic and financial ...Taylor rule. For our purpose, we use a forward looking version of ...
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A Taylor rule and the Greenspan era
... policy rule shown in ...policy rule with both partial adjustment and serial ...policy rule similar to the one given in equation ...policy rule assuming rational expectations; namely, we ...
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Structural Stability of the Generalized Taylor Rule
... policy rule where we vary parameters α 2 and ...a nonlinear function of the discount factor and the parameter responsible for the degree of price ...
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Estimating the Taylor Rule in the Time-Frequency Domain
... The continuous wavelet transform is an increasingly popular tool in econometric analysis. The most common argument to justify its use is the possibility of tracing transitional changes across time and frequencies. ...
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The Taylor rule and forecast intervals for exchange rates
... highly nonlinear. Iterating nonlinear density models multiple horizons ahead is analytically difficult, if not ...the Taylor rule models considered in this paper do not describe any features ...
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A Discussion of the Taylor Rule
... the Taylor rule should incorporate such a measure of expected inflation in its ...the Taylor principle — when forward looking data is used, consistent with the ECB’s goal of price ...
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The Meta Taylor Rule
... meta Taylor rule in providing a single framework with which to interpret monetary policy since the late ...meta rule is able to capture this complexity and these nuances in policy in a very ...
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The meta Taylor rule
... Notably, the estimated meta rule in the extended analysis looks very similar to that described above for most of the remaining sample. This is despite the differences in the starting point of the analysis and the ...
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The Taylor Rule and the Sandpile: The Taylor Contribution and Other Matters
... Keywords Taylor Rule, Sandpile, Weak Chaos 1. Background Economic bubbles produce a dramatic damage to society due to the lasting con- sequences of their burst on business and people. Each agency is ...
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A Simple Explanation of the Taylor Rule
... of Taylor-type interest rate rules mainly in the context of complex optimizing ...the Taylor rule by central banks. We find that the Taylor rule can be derived as the optimal interest ...
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The Taylor Rule: A Spurious Regression?
... deviations from normality found in these systems – which is found to largely be an outcome of excess kurtosis – need not influence the behaviour of neither the trace test nor the maximum eigenvalue test much. Summing up ...
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Modelling Taylor Rule Uncertainty
... a Taylor rule (the Taylor interest rate) which acknowledges that not only the explanatory variables but also the parameters of the rule are random ...the Taylor interest rate is ...
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A Taylor Rule for Fiscal Policy
... feedback rule for fiscal policy and yet consumption probably is measured with less error than investment and thus can be relied on somewhat more in the feedback ...
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Understanding the Taylor Rule in Australia
... the Taylor Rule can be explained systematically, with international factors and a domestic factor accounting for ...the rule. Australian deviation from the Taylor Rule is also ...
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Taylor Rule and the Macroeconomic Performance in Pakistan
... the Taylor rule as monetary policy strategy to assess the macroeconomic performance on the basis of variability in inflation and output and the loss to ...
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