Nonlinear Monetary Policy Rules: Some New Evidence for the U.S.

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dc.contributor.author Dolado, Juan José
dc.contributor.author María-Dolores, Ramón
dc.contributor.author Ruge-Murcia, Francisco
dc.date.accessioned 2008-12-02T11:43:29Z
dc.date.accessioned 2009-02-10T12:24:18Z
dc.date.available 2008-12-02T11:43:29Z
dc.date.available 2009-02-10T12:24:18Z
dc.date.issued 2004
dc.identifier.bibliographicCitation Studies in Nonlinear Dynamics and Econometrics, 2004, 8, 3, p. 1-32
dc.identifier.issn ISSN: 1558-3708
dc.identifier.uri http://hdl.handle.net/10016/3208
dc.description.abstract This paper derives optimal monetary policy rules in setups where certainty equivalence does not hold because either central bank preferences are not quadratic, and/or the aggregate supply relation is nonlinear. Analytical results show that these features lead to sign and size asymmetries, and nonlinearities in the policy rule. Reduced-form estimates indicate that US monetary policy can be characterized by a nonlinear policy rule after 1983, but not before 1979. This finding is consistent with the view that the Fed's inflation preferences during the Volcker-Greenspan regime differ considerably from the ones during the Burns-Miller regime.
dc.format.mimetype application/octet-stream
dc.format.mimetype application/pdf
dc.format.mimetype text/plain
dc.language.iso eng
dc.publisher Berkeley Electronic Press (Berkeley)
dc.title Nonlinear Monetary Policy Rules: Some New Evidence for the U.S.
dc.type article
dc.type.review PeerReviewed
dc.description.status Publicado
dc.relation.publisherversion http://www.bepress.com/snde/vol8/iss3/art2
dc.subject.eciencia Economía
dc.rights.accessRights openAccess
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