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Comparing Monetary Policy Rules in a Small Open Economy Framework: An Empirical Analysis Using Bayesian Techniques

Eschenhof, Sabine :
Comparing Monetary Policy Rules in a Small Open Economy Framework: An Empirical Analysis Using Bayesian Techniques.
[Online-Edition: http://tuprints.ulb.tu-darmstadt.de/4729]
In: Darmstadt Discussion Papers in Economics , 197 . Darmstadt
[Report] , (2009)

Offizielle URL: http://tuprints.ulb.tu-darmstadt.de/4729

Kurzbeschreibung (Abstract)

This paper examines the role of exchange rate changes in the monetary policy for the Euro Area. Moreover, it compares different Taylor-type policy rules with respect to the numerical results as well as the impulse responses to exogenous shocks and the fit of the different data model specifications when using the underlying data. Overall, a monetary policy rule which includes the expected inflation rate as well as the output gap performs best and supports a possible role of exchange rate changes in the Euro Area's monetary policy.

Typ des Eintrags: Report
Erschienen: 2009
Autor(en): Eschenhof, Sabine
Titel: Comparing Monetary Policy Rules in a Small Open Economy Framework: An Empirical Analysis Using Bayesian Techniques
Sprache: Englisch
Kurzbeschreibung (Abstract):

This paper examines the role of exchange rate changes in the monetary policy for the Euro Area. Moreover, it compares different Taylor-type policy rules with respect to the numerical results as well as the impulse responses to exogenous shocks and the fit of the different data model specifications when using the underlying data. Overall, a monetary policy rule which includes the expected inflation rate as well as the output gap performs best and supports a possible role of exchange rate changes in the Euro Area's monetary policy.

Reihe: Darmstadt Discussion Papers in Economics
Band: 197
Ort: Darmstadt
Freie Schlagworte: Bayesian Estimation, Small Open Economy, Monetary Policy, Taylor Rule
Fachbereich(e)/-gebiet(e): 01 Fachbereich Rechts- und Wirtschaftswissenschaften
01 Fachbereich Rechts- und Wirtschaftswissenschaften > Volkswirtschaftliche Fachgebiete
01 Fachbereich Rechts- und Wirtschaftswissenschaften > Volkswirtschaftliche Fachgebiete > Fachgebiet Wirtschaftstheorie
Hinterlegungsdatum: 31 Jan 2016 20:58
Offizielle URL: http://tuprints.ulb.tu-darmstadt.de/4729
URN: urn:nbn:de:tuda-tuprints-47290
Zusätzliche Informationen:

JEL - Classification: C11, E52, F41

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