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.
- Cushman, David O. & Zha, Tao, 1997.
"Identifying monetary policy in a small open economy under flexible exchange rates,"
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- David O. Cushman & Tao Zha, 1995. "Identifying monetary policy in a small open economy under flexible exchange rates," Working Paper 95-7, Federal Reserve Bank of Atlanta.
- Papell, David H., 1997. "Cointegration and exchange rate dynamics," Journal of International Money and Finance, Elsevier, vol. 16(3), pages 445-459, June.
- Landon, Stuart & Smith, Constance, 1999.
"The risk premium, exchange rate expectations, and the forward exchange rate: Estimates for the Yen-Dollar rate,"
9775, University Library of Munich, Germany.
- Stuart Landon & Constance E. Smith, 2003. "The Risk Premium, Exchange Rate Expectations, and the Forward Exchange Rate: Estimates for the Yen--Dollar Rate," Review of International Economics, Wiley Blackwell, vol. 11(1), pages 144-158, February.
- Douven, Rudy & Peeters, Marga, 1998.
"GDP-spillovers in multi-country models,"
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