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The Use and Abuse of Taylor Rules

The Use and Abuse of Taylor Rules »

Source: The Use and Abuse of Taylor Rules : How Precisely Can We Estimate Them?

Volume/Issue: 2005/148

Series: IMF Working Papers

Author(s): Robert Tchaidze , and Alina Carare

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2005

ISBN: 9781451861679

Keywords: central bank, Taylor rules, inflation, monetary policy rules, monetary economics,

This paper draws attention to inconsistencies in estimating simple monetary policy rules and their implications for policy advice. We simulate a macroeconomic model with a backward reaction function similar to Tayl...

Monetary Policy and Relative Price Shocks in South Africa and Other Inflation Targeters

Monetary Policy and Relative Price Shocks in South Africa and Other Inflation Targeters »

Source: Monetary Policy and Relative Price Shocks in South Africa and Other Inflation Targeters

Volume/Issue: 2008/289

Series: IMF Working Papers

Author(s): Alfredo Cuevas , and Secil Topak

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2008

ISBN: 9781451871470

Keywords: supply shocks, relative prices, Taylor rules, relative price, central bank,

When faced with a relative price shock, monetary authorities often aim to contain its second round effects on inflation while accepting first round effects. We analyze the experience of South Africa and other infla...

Money Demand in the Euro Area

Money Demand in the Euro Area »

Source: Money Demand in the Euro Area : Where Do We Stand (Today)?

Volume/Issue: 2002/185

Series: IMF Working Papers

Author(s): Zenon Kontolemis

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2002

ISBN: 9781451859423

Keywords: EMU, Taylor Rule, Cointegration, inflation, equation, equations, Multiple or Simultaneous Equation Models: Time-Series Models,

The paper reviews the stability of long-run money demand in the euro area in the light of recent revisions to M3 data. The analysis confirms the existence of a stable long-run money demand, although the estimated e...

Estimating the Implicit Inflation Target of the South African Reserve Bank

Estimating the Implicit Inflation Target of the South African Reserve Bank »

Source: Estimating the Implicit Inflation Target of the South African Reserve Bank

Volume/Issue: 2012/177

Series: IMF Working Papers

Author(s): Nir Klein

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2012

ISBN: 9781475505252

Keywords: Taylor rule, state space models, Kalman filter, inflation, inflation target, inflation targeting, central bank,

This paper applies a state-space approach to estimate the implicit inflation target of the South African Reserve Bank (SARB) since the adoption of the Inflation Targeting (IT) framework. The paper's findings are tw...

World Food Prices, the Terms of Trade-Real Exchange Rate Nexus, and Monetary Policy1

World Food Prices, the Terms of Trade-Real Exchange Rate Nexus, and Monetary Policy1 »

Source: World Food Prices, the Terms of Trade-Real Exchange Rate Nexus, and Monetary Policy

Volume/Issue: 2013/114

Series: IMF Working Papers

Author(s): Luis Catão , and Roberto Chang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 May 2013

ISBN: 9781484371565

Keywords: Taylor rules, inflation, terms of trade, monetary policy, price elasticity, relative price, General, Open Economy Macroeconomics,

How should monetary policy respond to large fluctuations in world food prices? We study this question in an open economy model in which imported food has a larger weight in domestic consumption than abroad and inte...

Dissecting Taylor Rules in a Structural VAR

Dissecting Taylor Rules in a Structural VAR »

Source: Dissecting Taylor Rules in a Structural VAR

Volume/Issue: 2010/20

Series: IMF Working Papers

Author(s): Woon Choi , and Yi Wen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2010

ISBN: 9781451962291

Keywords: endogenous monetary policy, Taylor rule, structural VAR, spectral decomposition, inflation, monetary economics, gdp deflator, aggregate demand,

This paper uncovers Taylor rules from estimated monetary policy reactions using a structural VAR on U.S. data from 1959 to 2009. These Taylor rules reveal the dynamic nature of policy responses to different structu...

The Greenbook and U.S. Monetary Policy

The Greenbook and U.S. Monetary Policy »

Source: The Greenbook and U.S. Monetary Policy

Volume/Issue: 2004/213

Series: IMF Working Papers

Author(s): Robert Tchaidze

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2004

ISBN: 9781451874976

Keywords: Taylor rule, real-time data, inflation, real interest rate, inflation target, inflation response,

Although very attractive both theoretically and empirically, Taylor rules imply mechanical responses by the policy variable (interest rate) to fundamental ones (inflation and output gap). This study looks for empir...

Alternative Monetary Policy Rules for India

Alternative Monetary Policy Rules for India »

Source: Alternative Monetary Policy Rules for India

Volume/Issue: 2012/118

Series: IMF Working Papers

Author(s): Muneesh Kapur , and Michael Patra

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2012

ISBN: 9781475503470

Keywords: McCallum Rule, Monetary Policy Reaction Function, Neutral Interest Rate, Taylor Rule, inflation, monetary base, monetary policy rules, central bank, Open Economy Macroeconomics,

This paper empirically evaluates the operational performance of the McCallum rule, the Taylor rule and hybrid rules in India over the period 1996-2011 using quarterly data, with a view to analytically informing the...

Price Subsidies and the Conduct of Monetary Policy

Price Subsidies and the Conduct of Monetary Policy »

Source: Price Subsidies and the Conduct of Monetary Policy

Volume/Issue: 2012/15

Series: IMF Working Papers

Author(s): Nooman Rebei , and Mohamed Safouane Ben Aissa

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

ISBN: 9781463931209

Keywords: Taylor rules, optimal monetary policy, general equilibrium, government subsidies, Bayesian estimation, inflation, inflation rates, monetary economics, General Aggregative Models,

This paper investigates optimized monetary policy rules in the presence of government intervention to stabilize prices of certain categories of goods and services. The paper estimates a small-scale, structural equi...

Forecasting ECB Monetary Policy

Forecasting ECB Monetary Policy »

Source: Forecasting ECB Monetary Policy : Accuracy is (Still) a Matter of Geography

Volume/Issue: 2006/41

Series: IMF Working Papers

Author(s): Michael Ehrmann , Marcel Fratzscher , and Helge Berger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2006

ISBN: 9781451863017

Keywords: ECB, forecast, geography, history, heterogeneity, Taylor rule, learning, transmission, survey data, communication

Monetary policy in the euro area is conducted within a multicountry, multicultural, and multilingual context involving multiple central banking traditions. How does this heterogeneity affect the ability of economic...