Estimation de la règle de Taylor et identification de la politique monétaire
AbstractThis paper assesses the joint behavior of the nominal interest rate and the inflation in a sticky prices model with exogenous money growth rule. Using a limited information estimation method, we identify and estimate the relation between the nominal interest rate and the expected inflation implied by the model. The estimated parameter is similar to the one obtained from actual data. This result casts doubt on the identification and estimation methods of the Taylor rule, when this rule is used as a guideline for the central bank to follow. However, if the Taylor rule is considered as a description of the monetary policy, our results suggest that the sticky prices model is able to account for the data.Classification JEL : E4, E5
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Bibliographic InfoArticle provided by Presses de Sciences-Po in its journal Revue économique.
Volume (Year): 54 (2003)
Issue (Month): 3 ()
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- E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
- E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
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- Imen Mohamed Sghaier & Zouheir Abida, 2013. "Monetary Policy Rules for a Developing Countries: Evidence from Tunisia," The Review of Finance and Banking, Academia de Studii Economice din Bucuresti, Romania / Facultatea de Finante, Asigurari, Banci si Burse de Valori / Catedra de Finante, vol. 5(1), pages 035-046, June.
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