Monetary Policy in the United States under Flexible Exchange Rates
AbstractThis paper estimates and evaluates monetary policy rules within the context of a structural open economy macroeconomic model of the United States under flexible exchange rates. The major result is that a monetary policy rule, which stabilizes the rate of growth of nominal GNP, receives considerable empirical support. The rule provides a better fit than a number of alternatives, including strict inflation stability, strict output stability, and real exchange rate stabilization. Copyright 1989 by American Economic Association.
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Bibliographic InfoArticle provided by American Economic Association in its journal American Economic Review.
Volume (Year): 79 (1989)
Issue (Month): 5 (December)
Other versions of this item:
- Papell, D.H., 1988. "Monetary Policy In The Unites States Under Flexible Exchange Rates," Papers 8, Houston - Department of Economics.
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- Papell, David H., 1997. "Cointegration and exchange rate dynamics," Journal of International Money and Finance, Elsevier, vol. 16(3), pages 445-459, June.
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