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...
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
2010
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Schriftenreihe: | IMF Working Papers
Working Paper No. 10/20 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | 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 |
Beschreibung: | 1 Online-Ressource (27 p) |
ISBN: | 1451962290 9781451962291 |
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spelling | Choi, Woon Gyu Verfasser aut Dissecting Taylor Rules in a Structural VAR Choi, Woon Gyu Washington, D.C International Monetary Fund 2010 1 Online-Ressource (27 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 10/20 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 Online-Ausg Wen, Yi Sonstige oth http://elibrary.imf.org/view/IMF001/10699-9781451962291/10699-9781451962291/10699-9781451962291.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Choi, Woon Gyu Dissecting Taylor Rules in a Structural VAR |
title | Dissecting Taylor Rules in a Structural VAR |
title_auth | Dissecting Taylor Rules in a Structural VAR |
title_exact_search | Dissecting Taylor Rules in a Structural VAR |
title_exact_search_txtP | Dissecting Taylor Rules in a Structural VAR |
title_full | Dissecting Taylor Rules in a Structural VAR Choi, Woon Gyu |
title_fullStr | Dissecting Taylor Rules in a Structural VAR Choi, Woon Gyu |
title_full_unstemmed | Dissecting Taylor Rules in a Structural VAR Choi, Woon Gyu |
title_short | Dissecting Taylor Rules in a Structural VAR |
title_sort | dissecting taylor rules in a structural var |
url | http://elibrary.imf.org/view/IMF001/10699-9781451962291/10699-9781451962291/10699-9781451962291.xml |
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