Monetary Policy Inertia or Persistent Shocks: A Dsge Analysis - Brossura

Carrillo, Julio

Brossura

ISBN 10: 1249560462 ISBN 13: 9781249560463

Casa editrice: Bibliogov, 2012

Riassunto

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.

Dettagli dell'edizione

• Editore: Bibliogov
• Data di pubblicazione: 2012
• Lingua: Inglese
• ISBN 10: 1249560462
• ISBN 13: 9781249560463
• Rilegatura: Copertina flessibile
• Numero di pagine: 42
• Contatto del produttore: non disponibile
• Persona responsabile: non disponibile