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Asymmetric Central Bank Reaction Functions: An Application of Smooth Transition Regression

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Author Info

  • Denny, K.

Abstract

This paper estimates a simple model of exchange rate policy where the Central Bank optimises an objective function which takes into account competitiveness, its commitment to the EMU and the cost of adjustment. We allow for asymmetry in government behaviour whereby a key paremeter, the marginal adjustment cost of the effective exchange rate, takes on a continuum of values depending on the value of the DeutscheMark/Irish pound exchange rate.

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Bibliographic Info

Paper provided by College Dublin, Department of Political Economy- in its series Papers with number 99/4.

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Length: 9 pages
Date of creation: 1999
Date of revision:
Handle: RePEc:fth:dublec:99/4

Contact details of provider:
Postal: Ireland; University College Dublin, Department of Political Economy, Centre for Economic Research, Belfield, Dublin 4
Phone: +353-1-7067777
Fax: +353-1-283 0068
Web page: http://www.ucd.ie/economics/
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Keywords: TIME SERIES ; EXCHANGE RATE;

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  1. Pfann, Gerald A. & Verspagen, Bart, 1989. "The structure of adjustment costs for labour in the Dutch manufacturing sector," Economics Letters, Elsevier, vol. 29(4), pages 365-371.
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