Mehrotra, Aaron; Sánchez-Fung, José R. - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2009
The paper estimates McCallum and Taylor monetary policy reaction functions, and hybrids mixing instruments and targets from the two frameworks, for 20 emerging market economies. McCallum-Taylor specifications with an interest rate instrument and a nominal income gap target perform better than...
