منابع مشابه
Monetary Policy During Brazil ́s Real Plan: Estimating the Central Bank ́s Reaction Function*
This paper uses a Threshold Autoregressive (TAR) model with exogenous variables to explain a change in regime in Brazilian nominal interest rates. By using an indicator of currency crises the model tries to explain the difference in the dynamics of nominal interest rates during and out of a currency crises. The paper then compares the performance of the nonlinear model to a modified Taylor Rule...
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Economists have reached a consensus that an independent central bank could improve its policy efficiency by following a monetary policy rule. One of the important rules is McCallum rule where that requires central banks to target the growth rate of nominal GDP using the monetary base as its instrument. One of the features of the McCallum rule uses the monetary base rather than the interest rate...
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This paper uses a Threshold Autoregressive (TAR) model with exogenous variables to explain a change in regime in Brazilian nominal interest rates. By using an indicator of currency crises which is chosen endogenously the model tries to explain the difference in the dynamics of nominal interest rates during and out of a currency crises. The paper then compares the performance of the nonlinear mo...
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We consider the relation among the federal funds rate and the Federal Reserve’s expectations for future inflation, the future gap between actual and potential output, and the future foreign exchange value of the U.S. dollar. The coefficients of this relation are biased when relevant explanatory variables are omitted and/or when the included explanatory variables are measured with error. This pr...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 1997
ISSN: 1556-5068
DOI: 10.2139/ssrn.2088923