Monetary Policy Inertia or Persistent Shocks: A DSGE Analysis - Tapa blanda

Carrillo, Julio; Fève, Patrick

 
9781249560463: Monetary Policy Inertia or Persistent Shocks: A DSGE Analysis
Tapa blanda
ISBN 10: 1249560462 ISBN 13: 9781249560463
Editorial: BiblioGov, 2012

Sinopsis

In this paper, we propose a simple econometric framework to disentangle the respective roles of monetary policy inertia and persistent shocks in interest rate rules. We exploit the restrictions of a DSGE model that is confronted with a monetary SVAR. We show that, provided enough informative variables are included in the formal test, the data favor a monetary policy representation with modest inertia and highly serially correlated monetary shocks. To the contrary, when the procedure is based solely on the dynamic behavior of the nominal interest rate, no clear-cut conclusion can be reached about the correct representation of monetary policy.

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Reseña del editor

In this paper, we propose a simple econometric framework to disentangle the respective roles of monetary policy inertia and persistent shocks in interest rate rules. We exploit the restrictions of a DSGE model that is confronted with a monetary SVAR. We show that, provided enough informative variables are included in the formal test, the data favor a monetary policy representation with modest inertia and highly serially correlated monetary shocks. To the contrary, when the procedure is based solely on the dynamic behavior of the nominal interest rate, no clear-cut conclusion can be reached about the correct representation of monetary policy.

"Sobre este título" puede pertenecer a otra edición de este libro.

Editorial
BiblioGov
Año de publicación
2012
Idioma
Inglés
ISBN 10 
1249560462
ISBN 13 
9781249560463
Encuadernación
Tapa blanda
Número de páginas
42
Contacto del fabricante
no disponible
Persona responsable
no disponible