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Application of the monetary policy function to output fluctuations in Bangladesh

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  • Yu Hsing

    ()
    (Southeastern Louisiana University)

  • A. M. M. Jamal

    ()
    (Southeastern Louisiana University)

  • Wen-jen Hsieh

    ()
    (National Cheng Kung University)

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    Abstract

    Applying the monetary policy function, this paper finds that real GDP in Bangladesh is positively associated with real deprecation, real financial stock price, and world output and negatively influenced by the world real interest rate. The coefficient of the ratio of government consumption spending to nominal GDP is insignificant, suggesting that expansionary fiscal policy may not be effective.

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    File URL: http://www.accessecon.com/Pubs/EB/2009/Volume29/EB-09-V29-I3-P60.pdf
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    Bibliographic Info

    Article provided by AccessEcon in its journal Economics Bulletin.

    Volume (Year): 29 (2009)
    Issue (Month): 3 ()
    Pages: 2113-2122

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    Handle: RePEc:ebl:ecbull:eb-09-00364

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    Related research

    Keywords: monetary policy function; fiscal policy; real depreciation; stock price; world interest rate;

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    References

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    1. M. Kabir Hassan & David R. Tufte, 1998. "Exchange rate volatility and aggregate export growth in Bangladesh," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 30(2), pages 189-201, February.
    2. Taylor, John B., 1993. "Discretion versus policy rules in practice," Carnegie-Rochester Conference Series on Public Policy, Elsevier, Elsevier, vol. 39(1), pages 195-214, December.
    3. Arusha Cooray, 2005. "Capital mobility: evidence from four South Asian economies," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 12(9), pages 577-581.
    4. Abdur Chowdhury & Minh Dao & Abu Wahid, 1995. "Monetary policy, output and inflation in Bangladesh: a dynamic analysis," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 2(3), pages 51-55.
    5. Whitney K. Newey & Kenneth D. West, 1986. "A Simple, Positive Semi-Definite, Heteroskedasticity and AutocorrelationConsistent Covariance Matrix," NBER Technical Working Papers, National Bureau of Economic Research, Inc 0055, National Bureau of Economic Research, Inc.
    6. K. A. Al Mamun & H. K. Nath, 2005. "Export-led growth in Bangladesh: a time series analysis," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 12(6), pages 361-364.
    7. R. Smyth & M. Nandha, 2003. "Bivariate causality between exchange rates and stock prices in South Asia," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 10(11), pages 699-704.
    8. David Romer, 2000. "Keynesian Macroeconomics without the LM Curve," NBER Working Papers 7461, National Bureau of Economic Research, Inc.
    9. John B. Taylor, 2000. "Reassessing Discretionary Fiscal Policy," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 14(3), pages 21-36, Summer.
    10. Jagdish Handa & Shubha Rahman Khan, 2008. "Financial development and economic growth: a symbiotic relationship," Applied Financial Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 18(13), pages 1033-1049.
    11. Frederic S. Mishkin, 1995. "Symposium on the Monetary Transmission Mechanism," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 9(4), pages 3-10, Fall.
    12. John B. Taylor, 1999. "A Historical Analysis of Monetary Policy Rules," NBER Chapters, National Bureau of Economic Research, Inc, in: Monetary Policy Rules, pages 319-348 National Bureau of Economic Research, Inc.
    13. Anisul Islam & M. Kabir Hassan, 2004. "An econometric estimation of the aggregate import demand function for Bangladesh: some further results," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 11(9), pages 575-580.
    14. Jalal Siddiki, 2000. "Demand for money in Bangladesh: a cointegration analysis," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 32(15), pages 1977-1984.
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