Monetary Policy Inertia or Persistent Shocks: A Dsge Analysis - Couverture souple

Carrillo, Julio

 
9781249560463: Monetary Policy Inertia or Persistent Shocks: A Dsge Analysis
Couverture souple
ISBN 10 : 1249560462 ISBN 13 : 9781249560463
Editeur : Bibliogov, 2012

Synopsis

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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Éditeur
Bibliogov
Date d'édition
2012
Langue
anglais
ISBN 10 
1249560462
ISBN 13 
9781249560463
Reliure
Broché
Nombre de pages
42
Coordonnées du fabricant
non disponible
Personne responsable
non disponible