Alternative Views of the Monetary Transmission Mechanism: What Difference Do They Make for Monetary Policy?
AbstractThis paper examines how alternative views of the monetary transmission mechanism affect the choice of a monetary policy rule. The main finding is that many different structural models indicate that the same simple monetary policy rule--one in which the central bank's target short-term interest rate reacts to inflation and to real output--would perform well. Such rules work well even in models where the monetary transmission mechanism has a relatively strong exchange-rate channel. The models differ, however, in their implications for more complex monetary rules. Copyright 2000 by Oxford University Press.
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Bibliographic InfoArticle provided by Oxford University Press in its journal Oxford Review of Economic Policy.
Volume (Year): 16 (2000)
Issue (Month): 4 (Winter)
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