This paper is the first one to: (i) provide in-sample estimates of linear and nonlinear Taylor rules, augmented with an indicator of financial stability, for the case of South Africa, and (ii) analyse the ability of linear and nonlinear monetary policy rule specifications, as well as nonparametric and semiparametric models, to forecast the nominal interest rate setting that describes the South ...

Based on the hypothesis that rules of monetary and fiscal policy in Brazil may have been subject to different regimes, present study applies Leeper model (1991 2005) identify chronology regimes terms their active passive character. The are estimated using Markov-switching model, with a monthly database from November 2002 December 2015, which endogenously determined. results obtained indicate do...

We revisit the issue of multiplicity of equilibria when monetary policy is conducted with either the interest rate or the money supply as the sole instrument of policy. We show that in standard monetary models there are interest rate feedback rules, and also money supply rules, that implement a unique global equilibrium. This is a contribution to a literature that either concentrates on conditi...

The topic covered in this paper is the performance of di¤erent monetary policy rules used as guidelines in practical policymaking. To this end, di¤erent rules are evaluated using alternative econometrics techniques. A comparative analysis is made of the ability of the rules to correspond to the historical central bank behaviour and of the volatility of the output, in‡ation and interest rate cha...

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we compare alternative monetary policies for iranian economy that this paper compares alternative monetary policy rules for iranian economy in faces to both internal and external shocks. for this purpose, we investigate the responses of macroeconomic variables respected to the money base and the terms of trade shocks, under three types of monetary rules including fixed exchange rate, inflation ...

Following the damaging real effects of asset price fluctuations over the recent financial crisis, the debate on the appropriate role of such prices in a monetary policy context has gained renewed attention. This paper argues that a direct monetary policy response to asset prices is not desirable under common instrumental rate rules. To illustrate this point, we build an adaptive learning model,...