Monetary policy rules in practice
نویسندگان
چکیده
منابع مشابه
Monetary policy rules in practice: Evidence from New Zealand
Ten years of inflation targeting in New Zealand is used to test whether monetary policy conforms to the simple rules that have been recommended in the literature. While a Taylor rule with the standard parameters used in the US describes New Zealand monetary policy quite well, the Reserve Bank has focused more strongly on price stability, as required by its Policy Targets Agreements. Monetary po...
متن کاملForecast Targeting as a Monetary Policy Strategy: Policy Rules in Practice - Taylor Conference 2007 - FRB Dallas
[To be added.] for helpful discussions; Mehmet Passaogullari for research assistance; the NSF for research support through a grant to the NBER; and the Kumho Visiting Professorship, Yale University, for providing the time to write this paper.
متن کاملForecast Targeting as a Monetary Policy Strategy: Policy Rules in Practice
Forecast targeting is an innovation in central banking that represents an important step toward more rule-based policymaking, even if it is not an attempt to follow a policy rule of any of the types that have received primary attention in the theoretical literature on optimal monetary policy. This paper discusses the extent to which forecast targeting can be considered an example of a policy ru...
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This paper is the first one to: (i) provide in-sample estimates of linear and nonlinear Taylor rules, augmented with an indicator of financial stability, for the case of South Africa, and (ii) analyse the ability of linear and nonlinear monetary policy rule specifications, as well as nonparametric and semiparametric models, to forecast the nominal interest rate setting that describes the South ...
متن کاملU Rules and Discretion in Monetary Policy
HOULD MONETARY POLICY be determined by a legislated rule or by a monetary authority’s discretion? Henry Simons (1936) first raised this issue as a choice between rules and authorities, terms little different than those used in recent discussions. He stresses the value of a rule, such as a law, instead of reliance on an authority’s discretion because “definite, stable, legislative rules of the g...
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ژورنال
عنوان ژورنال: European Economic Review
سال: 1998
ISSN: 0014-2921
DOI: 10.1016/s0014-2921(98)00016-6