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Monetary policy rules in theory and in practice: evidence from the UK and the US


Paez-Farrell, Juan


Bitte beziehen Sie sich beim Zitieren dieses Dokumentes immer auf folgenden Persistent Identifier (PID):http://nbn-resolving.de/urn:nbn:de:0168-ssoar-242437

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Abstract Given the large amount of interaction between research on monetary policy and its practice, this paper examines whether some simple monetary policy rules that have been proposed in the academic literature, part of which has originated from within central banks, provide a reasonable characterisation of actual policy in the UK and the US. The paper finds that the simple rule that describes best actual US monetary policy is a speed limit rule with dynamics, whilst for the UK it is a forward-looking rule. The simpler dynamics in the UK's monetary policy rule are reflective of the lower persistence of inflation as a result of its policy of inflation targeting.
Thesaurusschlagwörter monetary policy; Great Britain; United States of America
Klassifikation Wirtschaftspolitik
Freie Schlagwörter Monetary policy; interest rate rule; Regelgebundene Politik; Taylor-Regel; Inflation Targeting
Sprache Dokument Englisch
Publikationsjahr 2009
Seitenangabe S. 2037-2046
Zeitschriftentitel Applied Economics, 41 (2009) 16
DOI http://dx.doi.org/10.1080/00036840701689496
Status Postprint; begutachtet (peer reviewed)
Lizenz PEER Licence Agreement (applicable only to documents from PEER project)