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International Observations of Monetary Policy Periods

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  • Yamin Ahmad

Abstract

The paper identifies 21 observations of monetary policy periods within six of the G7 countries,by adopting the Narrative Approach used by Romer and Romer (1989). Statistics are used to characterize the state of these economies from 1970 till 2001. Major historical events and narrative evidence are then used as guides to identify these monetary policy periods, which reflect the stance of monetary policy by Central Banks during those events. The significance of these monetary policy periods are then assessed using various approaches. The results overwhelmingly show that movements in interest rates during the policy periods are significant. Moreover, these identified periods are found to reflect exogenous policy actions undertaken by monetary authorities.

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Bibliographic Info

Article provided by IUP Publications in its journal The IUP Journal of Monetary Economics.

Volume (Year): VII (2009)
Issue (Month): 3-4 (August)
Pages: 7-43

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Handle: RePEc:icf:icfjmo:v:07:y:2009:i:3-4:p:7-43

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  1. Christina D. Romer and David H. Romer., 1989. "Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz," Economics Working Papers 89-107, University of California at Berkeley.
  2. Buiter, Willem H. & Miller, Marcus, 1982. "Real exchange rate overshooting and the output cost of bringing down inflation," European Economic Review, Elsevier, vol. 18(2), pages 85-123.
  3. Ben S. Bernanke & Ilian Mihov, 1995. "Measuring monetary policy," Working Papers in Applied Economic Theory 95-09, Federal Reserve Bank of San Francisco.
  4. Ahmad, Yamin, 2005. "Money market rates and implied CCAPM rates: some international evidence," The Quarterly Review of Economics and Finance, Elsevier, vol. 45(4-5), pages 699-729, September.
  5. Lawrence J. Christiano & Martin Eichenbaum & Charles Evans, 1994. "The effects of monetary policy shocks: evidence from the flow of funds," Proceedings, Federal Reserve Bank of Dallas, issue Apr.
  6. Bernanke, Ben S & Blinder, Alan S, 1992. "The Federal Funds Rate and the Channels of Monetary Transmission," American Economic Review, American Economic Association, vol. 82(4), pages 901-21, September.
  7. R. Mehra & E. Prescott, 2010. "The equity premium: a puzzle," Levine's Working Paper Archive 1401, David K. Levine.
  8. Hansen, Lars Peter & Singleton, Kenneth J, 1982. "Generalized Instrumental Variables Estimation of Nonlinear Rational Expectations Models," Econometrica, Econometric Society, vol. 50(5), pages 1269-86, September.
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