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Recent developments in the analysis of monetary policy rules Author info | Abstract | Publisher info | Download info | Related research | Statistics Bennett T. McCallum
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After a brief review of key developments in application of monetary theory to policy analysis, Bennett T. McCallum describes the central aspects of the typical framework used to analyze monetary policy rules. He reviews the methods used to study the effects of policy behavior and provides an example of how two rules (the McCallum rule and the Taylor rule) can be used to investigate recent monetary policy in Japan. His example shows why it may be important for central banks to develop monetary policy procedures based on monetary-aggregate as well as interest-rate instruments.
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Article provided by Federal Reserve Bank of St. Louis in its journal Review .
Volume (Year): (1999)
Issue (Month): Nov ()
Pages: 3-12
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Handle: RePEc:fip:fedlrv:y:1999:i:nov:p:3-12:n:v.81no.6Contact details of provider: Postal: P.O. Box 442, St. Louis, MO 63166 Fax: (314)444-8753 Web page: http://www.stlouisfed.org/ More information through EDIRC
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Keywords: Monetary policy ; Econometric models ; Other versions of this item:
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Brayton, Flint & Levin, Andrew & Lyon, Ralph & Williams, John C., 1997.
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Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
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Tomoya Suzuki, 2004.
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William T. Gavin & Rachel J. Mandal, 2001.
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The Regional Economist ,
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Other versions: Christopher Martin & Costas Milas, 2004.
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City University Economics Discussion Papers
04/05, Department of Economics, City University, London.
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Christopher Martin & Costas Milas, 2004.
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Economics and Finance Discussion Papers
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Public Policy Discussion Papers
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[Downloadable!] Patrick Lünnemann & Abdelaziz Rouabah, 2003.
"Règle de Taylor: estimation et interprétation pour la zone euro et pour le Luxembourg ,"
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9, Central Bank of Luxembourg.
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Dungey, Mardi & Fry, Renee, 2000.
"A Multi-Country Structural VAR Model ,"
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C.A.E. Goodhart & P. Sunirand & D.P. Tsomocos, 2008.
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OFRC Working Papers Series
2008fe26, Oxford Financial Research Centre.
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Other versions: Gillman, Max & Cziráky, Dario, 2005.
"Money Demand in an EU Accession Country: A VECM Study of Croatia ,"
Cardiff Economics Working Papers
E2005/7, Cardiff University, Cardiff Business School, Economics Section.
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Other versions: Ben S. Bernanke & Alan S. Blinder & Bennett T. McCallum, 2005.
"Panel discussion I: what have we learned since October 1979? ,"
Review ,
Federal Reserve Bank of St. Louis, issue Mar, pages 277-292.
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John C. Robertson, 2000.
"Central bank forecasting: an international comparison ,"
Economic Review ,
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Robert Tchaidze & Alina Carare, 2004.
"The Use and Abuse of Taylor Rules: How precisely can we estimate them? ,"
Econometric Society 2004 Latin American Meetings
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"Monetary Policy and Economic Activity in Canada in the 1990s ,"
Canadian Public Policy ,
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J. Stephen Ferris & J.A. Galbraith, 2000.
"Indirect Convertibility, Inflation Targeting, and Monetary Policy Rules ,"
Carleton Economic Papers
00-10, Carleton University, Department of Economics.
[Downloadable!]
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