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Theoretical conditions under which monetary policies are effective and practical obstacles to their verification

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Author Info
P. Swamy
George Tavlas ()

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Abstract

We derive (i) necessary and sufficient and (ii) sufficient conditions for monetary policies to conform to what the literature characterizes as good policies. We show that the biasing effects of omitted variables, measurement errors, and misspecifications of “true” functional forms on the coefficients of monetary-policy reaction functions present practical obstacles to verifying such conditions. Copyright Springer-Verlag Berlin/Heidelberg 2005

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File URL: http://hdl.handle.net/10.1007/s00199-004-0482-8
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Publisher Info
Article provided by Springer in its journal Economic Theory.

Volume (Year): 25 (2005)
Issue (Month): 4 (06)
Pages: 999-1005
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Handle: RePEc:spr:joecth:v:25:y:2005:i:4:p:999-1005

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Related research
Keywords: Monetary-policy reaction functions; Monetary-policy rules; “True” functional forms; Omitted variables; Measurement errors.;

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  1. Stephen G Hall & George Hondroyiannis & P.A.V.B. Swamy & George S. Tavlas, 2008. "A Portfolio Balance Approach to Euro-Area Money Demand in a Time-Varying Environment," Discussion Papers in Economics 08/9, Department of Economics, University of Leicester. [Downloadable!]
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  2. George Hondroyiannis & P.A.V.B. Swamy & George Tavlas & Michael Ulan, 2008. "Some Further Evidence on Exchange-Rate Volatility and Exports," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 144(1), pages 151-180, April. [Downloadable!] (restricted)
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  3. P. Swamy & George Tavlas, 2007. "The New Keynesian Phillips Curve and Inflation Expectations: Re-Specification and Interpretation," Economic Theory, Springer, vol. 31(2), pages 293-306, May. [Downloadable!] (restricted)
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This page was last updated on 2009-11-25.

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