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Identification of Monetary Policy Shocks: Measurement and Effectiveness of the Monetary Policy Shocks (Evidence from Pakistan) - Couverture souple

Shahab, Sadaf; Mahmood, Muhammad Tariq

 
9783659449208: Identification of Monetary Policy Shocks: Measurement and Effectiveness of the Monetary Policy Shocks (Evidence from Pakistan)
Couverture souple
ISBN 10 : 3659449202 ISBN 13 : 9783659449208
Editeur : LAP LAMBERT Academic Publishing, 2013

Synopsis

This book states identification conditions to reveal the dynamic effects of monetary policy shocks on the non-policy variables for Pakistan. It finds that increase in money has generated unusual inflationary episodes. The results confirm remarkable differences in the monetary policy transmission mechanism. The Central Bank can exercise an effective control on inflation by adjusting output growth forecasts in the middle of the three threshold periods identified in this study. The monetary authority mainly relies on encouraging demand and supply shocks to restore inflation to its desired long-run level. This analysis implies that only a small proportion of the observed repetitive variation is attributable to random variation in policy and the real policy effect is smaller than usual belief. Pakistan’s experience with monetary policy supports the existence of the so-called Price Puzzle. This analysis also shows that interest rate based policy has been much more sensitive to exogenous shocks; responding not only to current or lagged inflation but also to expected inflation and output stability.

Les informations fournies dans la section « Synopsis » peuvent faire référence à une autre édition de ce titre.

Présentation de l'éditeur

This book states identification conditions to reveal the dynamic effects of monetary policy shocks on the non-policy variables for Pakistan. It finds that increase in money has generated unusual inflationary episodes. The results confirm remarkable differences in the monetary policy transmission mechanism. The Central Bank can exercise an effective control on inflation by adjusting output growth forecasts in the middle of the three threshold periods identified in this study. The monetary authority mainly relies on encouraging demand and supply shocks to restore inflation to its desired long-run level. This analysis implies that only a small proportion of the observed repetitive variation is attributable to random variation in policy and the real policy effect is smaller than usual belief. Pakistan’s experience with monetary policy supports the existence of the so-called Price Puzzle. This analysis also shows that interest rate based policy has been much more sensitive to exogenous shocks; responding not only to current or lagged inflation but also to expected inflation and output stability.

Biographie de l'auteur

Dr. Sadaf Shahab has obtained her Ph.D degree in Monetary Economics from School of Economic Sciences, FUUAST Islamabad in 2012 with Certificate of Excellence. She is affiliated with FUUAST as Assistant Professor. She has over 10 years’ teaching experience in different universities. She is author of many articles on economics in reputed journals.

Les informations fournies dans la section « A propos du livre » peuvent faire référence à une autre édition de ce titre.

Éditeur
LAP LAMBERT Academic Publishing
Date d'édition
2013
Langue
anglais
ISBN 10 
3659449202
ISBN 13 
9783659449208
Reliure
Broché
Nombre de pages
184
Coordonnées du fabricant
non disponible
Personne responsable
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