Relevant bibliographies by topics / Monetary Policy Reaction Function

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Academic literature on the topic 'Monetary Policy Reaction Function'

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Published: 4 June 2021
Last updated: 5 February 2022

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Journal articles on the topic "Monetary Policy Reaction Function"

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Carstensen, Kai. "Estimating the ECB Policy Reaction Function." German Economic Review 7, no. 1 (February 1, 2006): 1–34. http://dx.doi.org/10.1111/j.1468-0475.2006.00145.x.

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Abstract This paper estimates the policy reaction function of the European Central Bank in the first four years of EMU using an ordered probit model which accounts for the fact that central bank rates are set at multiples of 25 basis points. Starting from a baseline model which mimics the Taylor rule, the impacts of different economic variables on interest rate decisions are analysed. It is concluded that the monetary growth measure which was announced by the ECB as the first pillar of their monetary strategy does not play an outstanding role for the actual interest rate decisions. More sophisticated measures like the money overhang which uses information from both pillars are better suited. Overall, it is concluded that the revision of the monetary policy strategy in May 2003 which implied a downgrading of the first pillar will not induce any observable changes in monetary policy decisions.
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Elshamy, Hany. "Estimating the monetary policy reaction function in Egypt." Singidunum Journal of Applied Sciences 9, no. 2 (2012): 27–32. http://dx.doi.org/10.5937/sjas1202027e.

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Huang, Ho‐Chuan (River), and Chung‐Hua Shen. "Estimation of Taiwan’s binary monetary policy reaction function." Journal of Economic Studies 29, no. 3 (June 2002): 222–39. http://dx.doi.org/10.1108/01443580210433598.

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Nyumuah, Felix S. "An Empirical Analysis of the Monetary Policy Reaction Function." International Journal of Economics and Finance 10, no. 3 (January 31, 2018): 30. http://dx.doi.org/10.5539/ijef.v10n3p30.

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Monetary policy decisions usually follow a policy rule which shows a consistent response of policy instruments to variations in inflation and economic growth. The aim of this study is to establish the nature of monetary policy in developing countries through the analysis of policy reaction functions. This study uses macroeconomic data from Ghana, a typical developing country. The study employs the Dynamic Ordinary Least Squares Estimation techniques and finds the central bank to follow a backward-looking Taylor rule. The evidence is that the central bank follows some form of policy rule and focuses more on past inflation relative to current or expected inflation. The results also indicate that the Bank of Ghana has been pursuing inflation targeting monetary policy. The central bank follows an inflation targeting rule allowing for output stabilisation. The exchange rate also plays a role in this stabilization effort.
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KISHOR, NARAYAN KUNDAN, and MONIQUE NEWIAK. "THE INSTABILITY IN THE MONETARY POLICY REACTION FUNCTION AND THE ESTIMATION OF MONETARY POLICY SHOCKS." Contemporary Economic Policy 32, no. 2 (June 27, 2013): 390–402. http://dx.doi.org/10.1111/coep.12024.

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de BROUWER, GORDON, and JAMES GILBERT. "Monetary Policy Reaction Functions in Australia*." Economic Record 81, no. 253 (June 2005): 124–34. http://dx.doi.org/10.1111/j.1475-4932.2005.00238.x.

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Peng, Hai Cheng, and Lu Li. "Asset Price and the Optimal Monetary Policy: Model and Simulation." Advanced Materials Research 422 (December 2011): 466–69. http://dx.doi.org/10.4028/www.scientific.net/amr.422.466.

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The validity and merits of the monetary policy is reflected in the level of the attainment of its ultimate goal. We build up a decision-making model of central bank and deduce the optimal money supply reaction function of considering and ignoring asset price. In order to clarify the relationship between the optimal monetary policy and asset price volatility, we simulate the macroeconomic performance of optimal reaction function of considering and ignoring asset price in a wide range of monetary policy objective. We conclude that monetary policy should respond to volatility of asset price directly.
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Hasan, M. Aynul, and Qazi Masood Ahmed. "Endogeneity of Monetary Policy Reaction Fun~tion: An Experience from Pakistan's Economy." Pakistan Development Review 30, no. 4II (December 1, 1991): 931–41. http://dx.doi.org/10.30541/v30i4iipp.931-941.

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Monetary policy, in general, refers to those steps taken by the Central Bank to achieve such broader objectives of the economy as growth, employment, external balance and price stability through changes in the money supply, interest rates and credit policies. The money supply thus created by the Central Bank should be in response to the changes in key macroeconomic target variables such as GNP, balance of payments, inflation, internal debt and unemployment. Indeed, a properly estimated monetary policy reaction function can provide useful information regarding such matters as to whether the Central Bank, in fact, has been systematically accommodating to the changes in the target variables. The reaction function can also provide insight into the question as to what should be the relevant indicators of the monetary policy. In addition, as argued by Havrilesky (1967), it may also play a crucial role in the formulation of long-term monetary policy strategy. The other important consideration in the development of a monetary policy reaction function pertains to the endogeneity of the monetary policy. As pointed out by Goldfeld and Blinder (1972), if a policy variable responds to the lagged (or expected) target values, then considering such a policy variable as exogenous would not only introduce the problem of misspecification but will also produce serious biases in the parameters estimated from those models. In particular, if the monetary policy variable happens to be strongly influenced by target variables, then the standard result of the relative effectiveness of the monetary policy vis-a-vis fiscal policy can be questionable on the grounds of reverse causation problem.
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Maqsood Ahmed, Ather, and Wasim Shahid Malik. "The Economics of Inflation, Issues in the Design of Monetary Policy Rule, and Monetary Policy Reaction Function in Pakistan." LAHORE JOURNAL OF ECONOMICS 16, Special Edition (September 1, 2011): 215–32. http://dx.doi.org/10.35536/lje.2011.v16.isp.a9.

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The objective of this study is to estimate a monetary policy reaction function for Pakistan. To do this, we use data for the period 1992Q4–2010Q2. Our results show that the State Bank of Pakistan reacts to changes in the inflation rate and economic activity in a manner that is consistent with the Taylor (1993) rule, and with the explicit objective of interest rate smoothing and exchange rate management. This policy has remained consistent for most of the sample period, except for the last two years, during which a price hike and the massive depreciation of domestic currency led to a significant change in the parameters of the policy reaction function. We also find evidence of nonlinearity in the reaction function as the response to an inflation rate above 6.4 percent is found to be more aggressive than that in low inflationary episodes.
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SETLHARE, LEKGATLHAMANG. "BANK OF BOTSWANA'S REACTION FUNCTION: MODELLING BOTSWANA'S MONETARY POLICY STRATEGY." South African Journal of Economics 72, no. 2 (July 6, 2005): 384–406. http://dx.doi.org/10.1111/j.1813-6982.2004.tb00118.x.

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Dissertations / Theses on the topic "Monetary Policy Reaction Function"

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SALGADO, MARIA JOSE SEUANEZ. "MONETARY POLICY DURING THE REAL PLAN: ESTIMATING THE CENTRAL BANKS REACTION FUNCTION." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2001. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=14073@1.

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COORDENAÇÃO DE APERFEIÇOAMENTO DO PESSOAL DE ENSINO SUPERIOR
Esta dissertação visa estudar a função de reação do Banco Central do Brasil durante o Plano Real. Argumenta-se que a taxa de juros nominal foi o instrumento mais importante de política monetária, sendo ajustado como resposta a variações na taxa de inflação, hiato do produto, reservas internacionais e ao seu próprio defasado. Estima-se então um modelo linear para a taxa de juros nominal. Em seguida, um Modelo como Limiar (modelo TAR) é usado para explicar uma mudança de regime na taxa de juros. Usando um indicador de crises cambiais, que é escolhido endogenamente, o modelo tenta explicar a diferença na dinâmica da taxa de juros durante e fora das crises. O modelo linear e o não-linear são então comparados e conclui-se que a última abordagem é a mais adequada para estudar a função de reação do Banco Central do Brasil.
This dissertation studies the Central Bank of Brazil`s reaction function during the Real Plan. It is argued that the nominal interest rate was the most important monetary policy instrument, being adjusted to changes in the rate of inflation, output gap, international reserves and its own lagged value. First, a linear model is estimated for the nominal interest rate. Second, a Threshold Autoregressive model with exogenous variables is used to explain a change in regime in interest rates. By using an indicator of currency crises, which is chosen endogenously, the model tries to explain the difference in dynamic of nominal interest rates during and out of a currency crises. The paper then compares the linear and non-linear models and shows that the latter performs considerably better than the former.
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Balhote, Raquel de Oliveira. "Interactions between fiscal and monetary policy." Master's thesis, Instituto Superior de Economia e Gestão, 2014. http://hdl.handle.net/10400.5/11594.

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Mestrado em Economia Monetária e Financeira
O desempenho económico de um país depende sobretudo da relação entre as autoridades monetária e fiscal. Usando dados de painel e um conjunto individual de 14 países da União Europeia desde 1970 a 2012, estudámos as políticas de ambas as autoridades e como as mesmas são influenciadas por determinadas variáveis económicas e eventos (Tratado de Maastricht, Pacto de Estabilidade e Crescimento, euro e crises). Os resultados mostram que a inflação tem um impacto significativo na política monetária e que os governos aumentam o seu saldo primário diante de crescimentos da dívida. Um outro objectivo é caracterizar as interacções que os bancos centrais e os governos nacionais estabelecem, ou seja, se as suas políticas se complementam ou se existe uma política dominante. As nossas provas apresentam uma relação de substituição entre as duas autoridades, onde o banco central assume um papel mais rígido, especialmente no caso de níveis elevados de dívida.
The economic performance of a country depends notably on the relation between monetary and fiscal authorities. Using a panel data and an individual set of 14 EU countries from 1970 to 2012, we study the type of policies of both authorities, and how they are influenced by certain economic variables and events (Maastricht Treaty, Stability and Growth Pact, euro and crises). Results show that inflation has a significant impact on monetary policy, and that governments raise their primary balance when facing debt increases. Another goal is to characterize the type of interactions central banks and national governments establish, i.e. if their policies complement one another or if there is a more dominant one. Our evidence shows a substitution relation between both authorities, where central bank assumes a demanding role, especially in the case of higher levels of debt.
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Altinger, Laura Patricia. "Monetary policy reaction functions in transition economies acceding to the EU." Thesis, London Business School (University of London), 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.271105.

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Fiodendji, Komlan. "Monetary Policy, Asset Price and Economic Growth." Thèse, Université d'Ottawa / University of Ottawa, 2012. http://hdl.handle.net/10393/22725.

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The relations between monetary policies, asset prices, and economic growth are important and fundamental questions in macroeconomics. To address these issues, several empirical works have been conducted to investigate these relations. However, few of them have documented whether these relations differ across regimes. In this context, the general motivation of this thesis is to use dependent regime models to examine these relations for the Canadian case. Chapter one empirically analyzes the interest rate behaviour of the Canadian monetary authorities by taking into account the asymmetry in the loss function. We employ a switching regime framework using two estimation strategies: First, we follow Caner and Hansen (2004) Threshold approach. Under this procedure we estimate the threshold values, using the Taylor empirical rules. Second, we estimate the asymmetric policy reaction function following Favero and Rovelli’s (2003) approach. The results reveal that the monetary authorities showed asymmetric preferences and that its reaction function can be better modeled with a nonlinear model. The main contribution of this chapter is to successfully interpret the parameters associated with the Bank of Canada preferences, something that Rodriguez (2008) could not do. Chapter two tries to estimate the interest rate behaviour of the Canadian monetary authorities by expanding the arguments of the loss function for fluctuations in asset prices. Using the same methodology as in the first chapter, our findings suggest that the augmented nonlinear reaction function is a good fit for the data and gives new relevant insights into the influence of asset prices on Canadian monetary policy. These findings about the role of asset prices in the reaction function of the Bank of Canada provide relevant insights regarding the opportunities and limitations of incorporating financial indicators in monetary policy decision making. They also provide financial market participants, such as analysts, bankers and traders, with a better understanding of the impact of stock market index prices on Bank of Canada policy. Stock market stabilization plays a larger role in the interest rate decisions of the Bank of Canada than it is willing to admit. Chapter three provides new evidence on the relation between inflation, relative price variability and economic growth to a panel of Canadian provinces over the period 1981-2008. We use the Bick and Nautz (2008) modified version of Hansen’s (1999) Panel Threshold Model. The evidence strongly supports the view that the relationship between inflation and economic growth is nonlinear. Further investigation suggests that relative price variability is one of the important channels through which inflation affects economic performance in Canadian provinces. When taking into account the cross-section dependence, we find that the critical threshold value slightly changes. It is desirable to keep the inflation rate in a moderate inflation regime because it may be helpful for the achievement of sustainable economic growth. The results seem to indicate that inflation that is too high or too low may have detrimental effects on economic growth.
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Ferga, Jumuaa. "UK monetary policy reaction functions, 1992-2014 : a cointegration approach using Taylor rules." Thesis, University of Huddersfield, 2016. http://eprints.hud.ac.uk/id/eprint/28564/.

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For more than two decades, monetary policy of countries around the world has undergone significant transformation. The long-term stabilization and lowering of inflation is the primary target of central banks founded on the principles of transparency and credibility. The achievement of inflation targeting and control is ultimately judged by the public’s expectations about future inflation. This objective has focused central bank policy making on modern monetary principles and the adoption of one of its core principles, the monetary policy rule. The central bank of the United Kingdom officially adopted an explicit inflating targeting monetary policy in October 1992 following its operational independence in May 1997. In this study, we attempt to investigate the behaviour of the Central Bank of England under an inflation targeting framework. In other words, whether Taylor-type policy rules can be used to describe the behaviour of the Central Bank of England. We specifically attempt to shed light on the question does Taylor's rule (Taylor, 1993) adequately describes central bank behaviour? And whether the existence of formal targets has induced nonlinearity in this behaviour, beginning in October 1992 until December 2014. The study uses time series estimations of Taylor-type reactions functions to characterise monetary policy conduct in the UK, we use time series data, because all the other studies in this area are using the time series method and recommended it, Osterholm (2005), Nelson (2000), Adam et al (2003), Clarida et al (2000) amongst others. In addition, this study uses a long database which is useful for time series analysis. The analysis uses a modified cointegration and error correction model that is robust to the stationary properties of the data as well as vector autoregression techniques; therefore, our methodology in this study employed three types of econometric tests namely: unit root tests, cointegration tests and error correction models. We used monthly data for the UK over the period October 1992 to December 2014, and we estimate Taylor-type policy rules for the UK in order to find answers to these questions. Our results indicate that the Central Bank of England has not been following the Taylor rule. In other words, the regression results clearly indicated that the Central Bank of England did not follow the Taylor rule in the period 1992-2014. This is because all coefficients of inflation gap and the output gap were statistically insignificant. In addition, we conclude these results link with the New Consensus Macroeconomics, criticism of inflation targeting and endogenous money theory. The main contribution in this study is an up-to-date analysis, and evidence that Bank of England policy does not work with Taylor rules. In addition, on the methodological level most previous studies reviewed in the literature have measured the interest rate, inflation and the output gap using one dependent variable, to measure the behaviour of the Central Bank of England, to assess whether the Taylor rule is effective or not. However, this study fills this gap by using two measure for interest rate, three measure for inflation and two variables to measure the output gap, using The Hodrick-Prescott (HP) filter and moving averages, to assess whether the Taylor rule is effective or not effective by using more than one dependent variable.
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Kim, Sok Won. "Essays on monetary economics and financial economics." [College Station, Tex. : Texas A&M University, 2006. http://hdl.handle.net/1969.1/ETD-TAMU-1770.

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Sousa, Alexandre Miguel Salvador. "Interactions between monetary and fiscal policies in the European Union." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20693.

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Mestrado em Economia Monetária e Financeira
Através da utilização de dados de painel para os países da UE, para o período compreendido entre 1995 e 2019, este trabalho pretende estudar a condução de política monetária, política fiscal e as interações entre as mesmas. O nosso objetivo passa por entender as diferenças que existem entre a zona do euro e os países que não pertencem à mesma, assim como o efeito da crise financeira sobre as mesmas. Os resultados alcançados mostram que a inflação é crucial para a determinação das taxas de juro e que as autoridades fiscais apresentam preocupação no que toca à saúde das finanças públicas. No que toca às interações entre estas duas políticas, há evidência de que a relação existente é de substituição, no entanto sem resposta da autoridade monetária à política fiscal. A crise financeira apresenta um impacto negativo sobre a taxas de juro nominais de curto prazo, assim como sobre o défice primário ajustado ao ciclo, no entanto com uma maior intensidade na zona euro.
Performing a panel data analysis for the EU countries, for the period between 1995 and 2019, this work studies the individual conduction of monetary and fiscal policies, so as the interactions among them. We aim to understand the differences that exist between the euro area and the non-euro area countries and how the financial crisis affects them. Results show that inflation is crucial for the determination of interest rates and fiscal authorities are concerned with the health of public finances. Concerning the interactions between these two policies, there is evidence that it is a relation of substitutability, however with no response of monetary authorities to fiscal policy. The financial crisis impacted negatively both the short-term nominal interest rates and the cyclically adjusted primary balance, however with a higher degree in the euro area.
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Nhapulo, Gerson Leonardo. "Assessing nonlinear dyanamics of central bank reaction function : the case of Mozambique." Master's thesis, Instituto Superior de Economia e Gestão, 2015. http://hdl.handle.net/10400.5/10197.

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Mestrado em Economia Monetária e Financeira
Esta dissertação lança alguma luz sobre os elementos que regem a tomada de decisões de política monetária durante o período 2000Q1-2015Q1 em Moçambique, ou seja, se a autoridade monetária do país, o Banco de Moçambique (BM), poderia ter-se comportado de forma diferente ao longo do tempo condicionado a pressões inflacionárias e ao desvio do produto em relação à meta, mudando entre períodos em que a inflação era a principal preocupação da política ou não. Existem várias abordagens para avaliar a dinâmica não-linear da função de reação do banco central. Em primeiro lugar, nós investigamos se as respostas das taxas de juro mudam com o sinal de desvios de inflação e do produto. Em segundo lugar, avaliamos a capacidade de resposta da taxa de juro de curto prazo para a magnitude dos choques de preços e do desvio do produto em relação à meta. Finalmente, usamos um modelo de mudança Markov regime de política monetária tendo como modelo base uma variante da regra de Taylor. A conclusão geral é que somente mudanças na inflação provocam reação do BM. O único elemento do modelo Markov é a uma fraca mudança na estabilidade de preços entre 2000Q1-2006Q4 e 2007Q1-2015Q1
This dissertation sheds some light into the elements governing monetary policy-making during 2000Q1-2015Q1 sample period in Mozambique, i.e., whether the monetary authority of this country, Banco de Moçambique (BM), might have behaved differently over time conditional to price pressures and outputs swings, switching between periods when inflation was the primary concern of policy or other way round. There are several approaches to assess nonlinear dynamics of central bank reaction function. First, we investigate whether the interest rate responses change with the sign of inflation and output deviations. Second, we evaluate the responsiveness of the short-term interest rate to the size of price and output shocks. Finally, we use a Markov switching model to estimate a time-varying Taylor-type rule for the BM. The general finding is that only changes in inflation brings about reaction of the BM. The only element of Markov switching model is captured by a weak change in price stability from 2000Q1-2006Q4 sample sub-period to 2007Q1-2015Q1 sample sub-period.
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Caetano, Sidney Martins. "Ensaios sobre política monetária e fiscal no Brasil." reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2007. http://hdl.handle.net/10183/12461.

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Esta tese apresenta três ensaios sobre política monetária e fiscal dentro do atual regime de metas de inflação. O primeiro ensaio buscou estudar uma possível integração monetária-fiscal ao determinar uma regra ótima de política monetária com restrição fiscal, analisando os efeitos de diversas preferências sobre a regra ótima em função da alteração dos pesos dados para os desvios da razão superávit primário/PIB em relação à sua meta pré-estabelecida. Os resultados mostraram que a regra ótima obtida apresenta uma resposta negativa das taxas de juros aos choques na relação dívida/PIB. Ainda, superávits primários/PIB maiores permitiriam reduções maiores nas taxas de juros e proporcionais aos pesos que essa variávelobjetivo teria na função de perda social. Do ponto de vista tradicional do mecanismo de transmissão da política monetária, a resposta positiva das taxas de juros a uma desvalorização real do câmbio e a uma elevação do prêmio de risco seria mantida. Portanto, os resultados sugerem que a adoção de uma meta explícita para o superávit primário/PIB tem conseqüências positivas sobre a regra ótima de política monetária e para a redução da taxa de juros, bem como na eficiência do atual instrumento de política monetária. O segundo ensaio buscou analisar a relação risco default através do modelo de regressão beta, bem como os impactos que os superávits primários podem trazer sobre o prêmio de risco e, consequentemente, sobre o câmbio. Do ponto de vista da relação default risk, ancorada no modelo de Blanchard (2004/2005), as estimativas baseadas no modelo de regressão beta para as quatro relações propostas neste ensaio apresentaram sinais estatisticamente significativos e compatíveis com a teoria. O fato interessante nos resultados referente ao período do regime de metas de inflação é que as estimativas indicaram uma relação direta e forte entre o superávit primário/PIB e a probabilidade de default; evidências que destacam a importância dos efeitos indiretos que o superávit pode gerar sobre o juro doméstico. O terceiro ensaio analisou a dinâmica discreta da taxa de juros SELIC-meta definida nas reuniões do Comitê de Política Monetária (COPOM). Dois métodos foram utilizados para estudar a possibilidade de o COPOM reduzir/manter/aumentar a taxa de juros básica: probit binomial e probit multinomial. Os resultados mostraram que os desvios de inflação e o hiato do produto são variáveis relevantes para explicar as decisões do COPOM. O modelo probit binomial aplicado para os casos de aumento e redução da taxa SELIC-meta mostraram que a inclusão da variável fiscal gerou melhores resultados. Para o caso agregado, método probit multinomial, os resultados indicaram que a inclusão da variável fiscal combinada com a expectativa de inflação gerou os melhores resultados relativamente aos demais casos. Assim, a resposta do COPOM a resultados fiscais bem como às expectativas do mercado quanto à inflação demonstraram ser os sinais que devem ser observados pelo mercado.
This thesis presents three essays on monetary and fiscal policy of the current regimen of inflation targeting. The first essay searched to study an integration monetary-fiscal when determining an optimal rule of monetary policy with fiscal restriction, analyzing the effect of diverse preferences on the optimal rule in function of the alteration of the weights given for the deviations of the surplus primary as a fraction of GDP in relation to its established targets. The results show that the gotten optimal rule presents a negative reply of the interest rates to the shocks in the debtto- GDP ratio. Primary surplus still bigger would allow bigger reductions in the interest rates and proportional to the weights that this variable-objective would have in the function of social loss. Of the traditional point of view of the mechanism of transmission of the monetary policy, the positive reply of the interest rates to a real depreciation of the exchange and to a rise of the risk premium it would be kept. Therefore, the results suggest that the adoption of explicit targets for the primary surplus in percentage of the GDP has positive consequences on the optimal rule of monetary policy and for the reduction of the interest rates, as well as in the efficiency of the current instrument of monetary policy. The second essay searched to analyze the relation default risk through of the beta regression model, as well as the impacts that primary surplus can bring on the risk premium and, consequently, on the exchange rate. Of the point of view of the relation default risk, anchored in the model of Blanchard (2004/2005), the estimates based on the beta regression model for the four relations proposals in the study had presented significant and compatible signals with the theory. The interesting fact in the results referring to the period of the regimen of inflation targeting is that the estimates had indicated a negative and strong relation between the primary surplus/GDP and the probability of default, evidences that detaching the importance of the positive and indirect impact of the surplus in relation to the interests rate domestic. The third analyzes the discrete dynamics of the SELIC interest rates-target defined in the meetings of the Brazilian Monetary Policy Council (COPOM). Two methods were applied in order to study the possibility of COPOM to reduce/maintain/increase the interest rates: probit model and multinomial probit. It was verified that the deviations of inflation and the GDP gap must be considered importants variables to explain the COPOM’s decisions. The probit model was applied to the cases of the increases probabilies and reduces probabilities showing that the inclusion of a fiscal variable generates better results. To the aggregated case, multinominal probit method, the results indicates that the inclusion of a fiscal variables combined with the inflation expectations generates better results than other possibilities. So, the responses of COPOM to the fiscal results as well as inflation expectations were the reals signs to be considered for the market.
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Birchwood, Anthony. "Implementation of taylor type rules in nascent money and capital markets under managed exchange rates." Thesis, Brunel University, 2011. http://bura.brunel.ac.uk/handle/2438/6447.

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We investigate the practical use of Taylor-type rules in Trinidad and Tobago, which is in the process of implementing market based monetary policy and seeks to implement flexible inflation targeting in the presence of a managed exchange rate. This is motivated by the idea that normative Taylor rules can be shaped by the practical experience of developing countries. We find that the inflation – exchange rate nexus is strong, hence the country may be unwilling to allow the exchange rate to float freely. We contend that despite weak market development the Taylor rule can still be applied as the central bank is able to use moral suasion to achieve full pass through of the policy rate to the market rate. Our evidence rejects Galí and Monacelli’s (2005) argument that the optimal monetary policy rule for the open economy is isomorphic for a closed economy. Rather, our evidence suggests that the rule for the open economy allows for lower variability when the rule is augmented by the real exchange rate as in Taylor (2001). We also reject Galí and Monacelli’s (2005) hypothesis that domestic inflation is optimal for inclusion in the Taylor-type rule. Instead we find that core CPI inflation leads to lower variability. Additionally, our evidence suggests that the monetary rule, when applied to Trinidad and Tobago, is accommodating to the US Federal Reserve rate. Further, we expand the work of Martin and Milas (2010) which considered the pass through of the policy rate to the interbank rate in the presence of risk and liquidity. By extending the transmission to the market lending rate, we are able to go beyond those disruptive factors by considering excess liquidity and spillovers of international economic disturbances. We found that these shocks are significant for Trinidad and Tobago, but it is not significant enough to disrupt the pass through. As a result, full pass through was robust to the presence of these disruptive factors.
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Books on the topic "Monetary Policy Reaction Function"

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Ouma, Shem. Monetary policy reaction function for Kenya. Nairobi: Kenya Institute for Public Policy Research and Analysis, 2006.

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An econometric analysis of the monetary policy reaction function in Nigeria. Nairobi, Kenya: African Economic Research Consortium, 2011.

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Itō, Takatoshi. What promotes Japan to intervene in the forex market? a new approach to a reaction function. Cambridge, Mass: National Bureau of Economic Research, 2004.

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Rigobón, Roberto. Measuring the reaction of monetary policy to the stock market. Cambridge, MA: National Bureau of Economic Research, 2001.

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Bernanke, Ben S. What explains the stock market's reaction to Federal Reserve policy? Washington, D.C: Federal Reserve Board, 2004.

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Bernanke, Ben S. What explains the stock market's reaction to Federal Reserve Policy? [New York, N.Y.]: Federal Reserve Bank of New York, 2003.

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Bernanke, Ben S. What explains the stock market's reaction to Federal Reserve policy? Cambridge, Mass: National Bureau of Economic Research, 2004.

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Bernanke, Ben S. What explains the stock market's reaction to Federal Reserve policy? Cambridge, MA: National Bureau of Economic Research, 2004.

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Sánchez-Fung, José R. Monetary policy reaction dynamics in a developing economy: Evidence for the Dominican Republic. Kingston upon Thames: Kingston University,Faculty of Arts and Social Sciences, 1998.

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Kujo chojŏng kwa kamdok kinŭng: Restructuring and supervisory function. Sŏul: Pŏmnyul SOS, 2004.

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Book chapters on the topic "Monetary Policy Reaction Function"

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Camen, Ulrich, Hans Genberg, and Michael Salemi. "Optimal Monetary Policy and the Revealed Preference Function of the Swiss National Bank." In Monetary Policy, 3–14. Dordrecht: Springer Netherlands, 1990. http://dx.doi.org/10.1007/978-94-015-7852-3_1.

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Nölling, Wilhelm. "What Can be Done to Make Democracy Function More Effectively?" In Monetary Policy in Europe after Maastricht, 254–58. London: Palgrave Macmillan UK, 1993. http://dx.doi.org/10.1007/978-1-349-22725-9_29.

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Manogaran, Lavaneesvari, and Siok Kun Sek. "Unveiling the Asymmetric Adjustments of Policy Reaction Function in Indonesia." In Proceedings of the Third International Conference on Computing, Mathematics and Statistics (iCMS2017), 217–23. Singapore: Springer Singapore, 2019. http://dx.doi.org/10.1007/978-981-13-7279-7_27.

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Gumata, Nombulelo, and Eliphas Ndou. "Do Synchronised Credit Growth and House Price Growth Booms Impact the Monetary Policy Reaction to Inflationary Pressures?" In Achieving Price, Financial and Macro-Economic Stability in South Africa, 97–110. Cham: Springer International Publishing, 2021. http://dx.doi.org/10.1007/978-3-030-66340-7_7.

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von Weizsäcker, Carl Christian, and Hagen M. Krämer. "Monetary Stability and the Stability of the Open Society." In Saving and Investment in the Twenty-First Century, 249–59. Cham: Springer International Publishing, 2021. http://dx.doi.org/10.1007/978-3-030-75031-2_9.

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AbstractHistorical experience shows that the welfare state is what holds democracy and the market economy together. Neither a welfare state that is too small nor one that is too large can fulfill this connective function. A “stability pact” between citizens and the state is needed: 1. A welfare state to provide citizens security even in their old age. 2. In order to preserve appropriate incentives, the retirement system has to be a form of “saving” (forced saving) for old age. 3. In addition, most citizens also undertake voluntary saving. 4. The state provides for monetary stability. 5. The state uses itsfiscal policy to promote high employment. A modern understanding of personal freedom includes the security provided by a welfare state of appropriate dimensions. It follows that in the twenty-first century, a large part of the wealth of citizens consists of net claims on the state.
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Khoury, Salwa S. "The Federal Reserve reaction function: a specification search." In The Political Economy of American Monetary Policy, 27–48. Cambridge University Press, 1990. http://dx.doi.org/10.1017/cbo9780511571947.004.

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"Estimating Reaction Functions for Individual FOMC Members." In Committee Decisions on Monetary Policy. The MIT Press, 2004. http://dx.doi.org/10.7551/mitpress/1942.003.0008.

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Sussman, Nathan. "Monetary Policy in Israel, 1986–2000: Estimating the Central Bank’s Reaction Function." In The Bank of Israel, 46–65. Oxford University Press, 2007. http://dx.doi.org/10.1093/acprof:oso/9780195300734.003.0002.

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Worms, A. "The reaction of bank lending to monetary policy measures in Germany." In Monetary Policy Transmission in the Euro Area, 270–83. Cambridge University Press, 2003. http://dx.doi.org/10.1017/cbo9780511492372.019.

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"Monetary policy and stability of the narrow money- demand function." In Macroeconomic and Monetary Policy Issues in Indonesia, 194–218. Routledge, 2013. http://dx.doi.org/10.4324/9780203118016-17.

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Conference papers on the topic "Monetary Policy Reaction Function"

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Hu, Rong-shang, and Qiang Zhang. "Financial market reaction to China's monetary policy communication: Does the crisis make a difference?" In 2014 International Conference on Management Science and Engineering (ICMSE). IEEE, 2014. http://dx.doi.org/10.1109/icmse.2014.6930368.

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Manogaran, Lavaneesvari, and Siok Kun Sek. "Examining the reaction of monetary policy to exchange rate changes: A nonlinear ARDL approach." In THE 4TH INTERNATIONAL CONFERENCE ON MATHEMATICAL SCIENCES: Mathematical Sciences: Championing the Way in a Problem Based and Data Driven Society. Author(s), 2017. http://dx.doi.org/10.1063/1.4980991.

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Chu, Jenq Fei, and Siok Kun Sek. "Inflationary effect of oil price and non-oil price on monetary policy reaction: Symmetric versus asymmetric cointegration modelling." In PROCEEDING OF THE 25TH NATIONAL SYMPOSIUM ON MATHEMATICAL SCIENCES (SKSM25): Mathematical Sciences as the Core of Intellectual Excellence. Author(s), 2018. http://dx.doi.org/10.1063/1.5041576.

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Kaya, Zekayi, and Erkan Tokucu. "Developments in Monetary Policies before and after the Recent Financial Crisis and the Change in the Role of Central Banks." In International Conference on Eurasian Economies. Eurasian Economists Association, 2014. http://dx.doi.org/10.36880/c05.00899.

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During the historical process, application of the monetary policies and the roles of the central banks have changed within the framework of the developments in the world economy, problems encountered and the economic policies as a solution to these problems. The financial crises after 1990 and the recent financial crisis as the biggest experienced one after 1930s, caused an increase in the importance of the task of providing financial stability besides price stability and in this context in the function of “lender of last resort” of the central bank. The crisis required using new policy instruments in addition to interest rate instrument which was not sufficient enough in providing financial stability and the roles of the central banks in providing financial stability changed. In this study, applications of monetary policies and the changing role of the central banks will be examined. Within this framework, traditional and non-traditional instruments will be explained and the problems that can be confronted by a central bank when providing price stability besides financial stability will be remarked.
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Sieberer, Martin, and Torsten Clemens. "Hydrocarbon Field Re-Development as Markov Decision Process." In SPE Annual Technical Conference and Exhibition. SPE, 2021. http://dx.doi.org/10.2118/206041-ms.

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Abstract Hydrocarbon field (re-)development requires that a multitude of decisions are made under uncertainty. These decisions include the type and size of surface facilities, location, configuration and number of wells but also which data to acquire. Both types of decisions, which development to choose and which data to acquire, are strongly coupled. The aim of appraisal is to maximize value while minimizing data acquisition costs. These decisions have to be done under uncertainty owing to the inherent uncertainty of the subsurface but also of other costs and economic parameters. Conventional Value Of Information (VOI) evaluations can be used to determine how much can be spend to acquire data. However, VOI is very challenging to calculate for complex sequences of decisions with various costs and including the risk attitude of the decision maker. We are using a fully observable Markov-Decision-Process (MDP) to determine the policy for the sequence and type of measurements and decisions to do. A fully observable MDP is characterised by the states (here: description of the system at a certain point in time), actions (here: measurements and development scenario), transition function (probabilities of transitioning from one state to the next), and rewards (costs for measurements, Expected Monetary Value (EMV) of development options). Solving the MDP gives the optimum policy, sequence of the decisions, the Probability Of Maturation (POM) of a project, the Expected Monetary Value (EMV), the expected loss, the expected appraisal costs, and the Probability of Economic Success (PES). These key performance indicators can then be used to select in a portfolio of projects the ones generating the highest expected reward for the company. Combining the production forecasts from numerical model ensembles with probabilistic capital and operating expenditures and economic parameters allows for quantitative decision making under uncertainty.
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Soković, Snežana. "SOCIJALNA ZAŠTITA KAO DEO FORMALNE DRUŠTVENE REAKCIJE NA KRIMINALITET MALOLETNIKA." In XVII majsko savetovanje. Pravni fakultet Univerziteta u Kragujevcu, 2021. http://dx.doi.org/10.46793/uvp21.875s.

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Social work and crime prevention are synergistically linked: crime prevention and treatment of offenders are an integral part of social policy, and solving social problems is a strong factor in crime prevention, which is why social work presents an important segment of the formal social response to crime. Social protection institutions have a particularly important role in combating juvenile delinquency. The paper analyzes the place and role of social work and social protection services in the formal reaction of society to juvenile criminality in the context of contemporary criminological knowledge about the etiology of juvenile delinquency. The situation, problems and perspectives of social work in the function of prevention of juvenile criminality in Serbia are especially analyzed.
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Reports on the topic "Monetary Policy Reaction Function"

1

Rigobon, Roberto, and Brian Sack. Measuring the Reaction of Monetary Policy to the Stock Market. Cambridge, MA: National Bureau of Economic Research, July 2001. http://dx.doi.org/10.3386/w8350.

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