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Dissecting Taylor rules in a structural VAR /
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 structural shocks. We find that U.S. monetary policy has been far more responsive over time t...
| Clasificación: | Libro Electrónico |
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| Autores principales: | , |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund,
©2010.
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| Colección: | IMF working paper ;
WP/10/20. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | 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 structural shocks. We find that U.S. monetary policy has been far more responsive over time to demand shocks than to supply shocks, and more aggressive toward inflation than output growth. Our estimated dynamic policy coefficients characterize the style of policy as a "bang-bang" control for the pre-1979 period and as a gradual control for the post-1979 period |
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| Notas: | Title from PDF title page (IMF Web site, viewed February 3, 2010). At head of title: IMF Institute. |
| Descripción Física: | 1 online resource (26 pages) : illustrations (some color) |
| Bibliografía: | Includes bibliographical references (pages 24-26). |
| ISBN: | 1451918682 9781451918687 1462316409 9781462316403 9786612845284 6612845287 1452704643 9781452704647 1451962290 9781451962291 1282845284 9781282845282 |
| ISSN: | 2227-8885 ; |