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Estimated Taylor rules have become popular as a description of monetary policy conduct. There are numerous reasons why real monetary policy can be asymmetric and estimated Taylor rules nonlinear. This paper tests whether monetary policy can be described as asymmetric in three new European Union...
Persistent link: https://www.econbiz.de/10011040301
Estimated Taylor rules have become popular as a description of monetary policy conduct. There are numerous reasons why real monetary policy can be asymmetric and estimated Taylor rules nonlinear. This paper tests whether monetary policy can be described as asymmetric in three new European Union...
Persistent link: https://www.econbiz.de/10009251222
This paper analyzes the performance of central banks in 27 inflation targeting countries by examining their success in achieving their explicit inflation targets. For this purpose, we decompose the inflation gap, the difference between actual inflation and inflation target, into predictable and...
Persistent link: https://www.econbiz.de/10013005965
Estimated Taylor rules became popular as a description of monetary policy conduct. There are numerous reasons why real monetary policy can be asymmetric and estimated Taylor rule nonlinear. This paper tests whether monetary policy can be described as asymmetric in three new European Union (EU)...
Persistent link: https://www.econbiz.de/10013135011
Estimated Taylor rules have become popular as a description of monetary policy conduct. There are numerous reasons why real monetary policy can be asymmetric and estimated Taylor rules nonlinear. This paper tests whether monetary policy can be described as asymmetric in three new European Union...
Persistent link: https://www.econbiz.de/10013104168
This paper examines the transmission of monetary policy in USA between 1960 and 2008. We use a structural vector autoregressive model (SVAR) that includes federal funds rate, inflation rate (current or expected inflation) and output gap as endogenous variables. The contribution of this paper is...
Persistent link: https://www.econbiz.de/10013072635
The Fed's policy rule switches during the different phases of the business cycle. This finding is established using a … exogenously partitioning the data based on tenures of the Fed chairs, a Bayesian framework is introduced in order to endogenously …
Persistent link: https://www.econbiz.de/10015179424
This paper evaluates inflation forecasts made by Norges Bank which is recognized as a successful forecast targeting central bank. It is reasonable to expect that Norges Bank produces inflation forecasts that are on average better than other forecasts, both 'naïve' forecasts, and forecasts...
Persistent link: https://www.econbiz.de/10013126912
This paper attempts to characterise an anti-inflationary monetary targeting (MT) regime. In order to derive a formal representation of this regime, we formulate the central bank’s optimisation problem under the assumption that it is possible for the monetary targeted variable to have an impact...
Persistent link: https://www.econbiz.de/10003972999
This paper evaluates inflation forecasts made by Norges Bank which is recognized as a successful forecast targeting central bank. It is reasonable to expect that Norges Bank produces inflation forecasts that are on average better than other forecasts, both "naiv͏̈e" forecasts, and forecasts...
Persistent link: https://www.econbiz.de/10008936407