Monetary Policy In The Unites States Under Flexible Exchange Rates
AbstractThis paper estimates and evaluates monetary policy rules within the context of a structural open economy macroeconomic model of the United States under flexible exchange rates. The major result is that a monetary policy rule, which stabilizes the rate of growth of nominal GNP, receives considerable empirical support. The rule provides a better fit than a number of alternatives, including strict inflation stability, strict output stability, and real exchange rate stabilization. Copyright 1989 by American Economic Association.
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Bibliographic InfoPaper provided by Houston - Department of Economics in its series Papers with number 8.
Length: 20 pages
Date of creation: 1988
Date of revision:
Contact details of provider:
Postal: UNIVERSITY OF HOUSTON, DEPARTMENT OF ECONOMICS, COLLEGE OF SOCIAL SCIENCES, HOUSTON TEXAS 77023 U.S.A.
Web page: http://www.class.uh.edu/econ/
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monetary policy ; exchange rate ; macroeconomics;
Other versions of this item:
- Papell, David H, 1989. "Monetary Policy in the United States under Flexible Exchange Rates," American Economic Review, American Economic Association, vol. 79(5), pages 1106-16, December.
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- Douven, R. C. & Plasmans, J. E. J., 1996. "SLIM, a small linear interdependent model of eight EU-member states, the USA and Japan," Economic Modelling, Elsevier, vol. 13(2), pages 185-233, April.
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- David O. Cushman & Tao Zha, 1995.
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- Papell, David H., 1997. "Cointegration and exchange rate dynamics," Journal of International Money and Finance, Elsevier, vol. 16(3), pages 445-459, June.
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