This file is part of IDEAS , which uses RePEc data
[ Papers |
Articles |
Software |
Books |
Chapters |
Authors |
Institutions |
JEL Classification |
NEP reports |
Search |
New papers by email |
Author registration |
Rankings |
Volunteers |
FAQ |
Blog |
Help! ]
Nonlinear Monetary Policy Rules: Some New Evidence for the U.S Author info | Abstract | Publisher info | Download info | Related research | Statistics DOLADO, J.J.
MARIA-DOLORES, R.
RUGE-MURCIA, F.J.
Additional information is available for the following
registered author(s):
This paper derives optimal monetary policy rules in setups where certainty equivalence does not hold because either central bank preferences are not quadratic, and/or the aggregate supply relation is nonlinear. Analytical results show that these features lead to sign and size asymmetries, and nonlinearities in the policy rule. Reduced-form estimates indicate that US monetary policy can be characterized by a nonlinear policy rule after 1983, but not before 1979. This finding is consistent with the view that the Fed's inflation preferences during the Volcker-Greenspan regime differ considerably from the ones during the Burns-Miller regime.
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
file . Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
Paper provided by Centre interuniversitaire de recherche en économie quantitative, CIREQ in its series Cahiers de recherche with number
18-2003.
Download reference. The following formats are available: HTML ,
plain text ,
BibTeX ,
RIS (EndNote),
ReDIF
Length: 27 pages
Date of creation: 2003Date of revision:
Handle: RePEc:mtl:montec:18-2003Contact details of provider: Postal: C.P. 6128, Succ. centre-ville, Montr�al (PQ) H3C 3J7 Phone: (514) 343-6557 Fax: (514) 343-5831 Email: Web page: http://www.cireq.umontreal.ca More information through EDIRC
For technical questions regarding this item, or to correct its listing, contact: (Sharon BREWER).
Keywords: Nonlinear Taylor rules inflation targets asymmetric preferences nonlinear Phillips curve monetary policy Other versions of this item:
Article Paper Dolado, Juan J. & María-Dolores, Ramón & Ruge-Murcia, Francisco J., 2002.
"Non-Linear Monetary Policy Rules: Some New Evidence for the US ,"
CEPR Discussion Papers
3405, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) DOLADO, J.J. & MARIA-DOLORES, R. & RUGE-MURCIA, Francisco J., 2003.
"Nonlinear Monetary Policy Rules: Some New Evidence for the U.S ,"
Cahiers de recherche
2003-24, Universite de Montreal, Departement de sciences economiques.
[Downloadable!] J. J. Dolado & R. Maria-Dolores & F. J. Ruge-Murcia, 2002.
"Nonlinear Monetary Policy Rules: Some New Evidence For The Us ,"
Economics Working Papers
we022910, Universidad Carlos III, Departamento de Economía.
[Downloadable!] Find related papers by JEL classification: E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
This paper has been announced in the following NEP Reports :
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Richard Clarida & Jordi Gali & Mark Gertler, 1997.
"Monetary Policy Rules in Practice: Some International Evidence ,"
NBER Working Papers
6254, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions:
Clarida, Richard & Gali, Jordi & Gertler, Mark, 1997.
"Monetary Policy Rules in Practice: Some International Evidence ,"
Working Papers
97-32, C.V. Starr Center for Applied Economics, New York University.
[Downloadable!] Clarida, Richard & Galí, Jordi & Gertler, Mark, 1997.
"Monetary Policy Rules in Practice: Some International Evidence ,"
CEPR Discussion Papers
1750, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Clarida, Richard & Gali, Jordi & Gertler, Mark, 1998.
"Monetary policy rules in practice Some international evidence ,"
European Economic Review ,
Elsevier, vol. 42(6), pages 1033-1067, June.
[Downloadable!] (restricted) Clarida, Richard & Galí, Jordi & Gertler, Mark, 1998.
"Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory ,"
CEPR Discussion Papers
1908, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Other versions:
Richard Clarida & Jordi Gali & Mark Gertler, 1998.
"Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory ,"
NBER Working Papers
6442, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Richard Clarida & Jordi Galí & Mark Gertler, 1997.
"Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory ,"
Economics Working Papers
350, Department of Economics and Business, Universitat Pompeu Fabra, revised May 1999.
[Downloadable!] Clarida, R. & Gali, J. & Gertler, M., 1998.
"Monetary Policy Rules and Macroeconomic Stability: Evidence and some Theory ,"
Working Papers
98-01, C.V. Starr Center for Applied Economics, New York University.
[Downloadable!] Richard Clarida & Jordi Galí & Mark Gertler, 2000.
"Monetary Policy Rules And Macroeconomic Stability: Evidence And Some Theory ,"
The Quarterly Journal of Economics ,
MIT Press, vol. 115(1), pages 147-180, February.
[Downloadable!] (restricted) Richard Clarida & Jordi Gali & Mark Gertler, 1999.
"The Science of Monetary Policy: A New Keynesian Perspective ,"
Journal of Economic Literature ,
American Economic Association, vol. 37(4), pages 1661-1707, December.
[Downloadable!] (restricted)
Other versions:
Clarida, Richard & Galí, Jordi & Gertler, Mark, 1999.
"The Science of Monetary Policy: A New Keynesian Perspective ,"
CEPR Discussion Papers
2139, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Clarida, R. & Gali, J. & Gertler, M., 1999.
"The Science of Monetary Policy: A New Keynesian Perspective ,"
Working Papers
99-13, C.V. Starr Center for Applied Economics, New York University.
[Downloadable!] Richard Clarida & Jordi Galí & Mark Gertler, 1997.
"The Science of Monetary Policy: A New Keynesian Perspective ,"
Economics Working Papers
356, Department of Economics and Business, Universitat Pompeu Fabra, revised Apr 1999.
[Downloadable!] Richard Clarida & Jordi Gali & Mark Gertler, 1999.
"The Science of Monetary Policy: A New Keynesian Perspective ,"
NBER Working Papers
7147, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) A. Robert Nobay & David A. Peel, 1998.
"Optimal Monetary Policy in a Model of Asymmetric Central Bank Preferences ,"
FMG Discussion Papers
dp306, Financial Markets Group.
[Downloadable!] (restricted)
Bennett T. McCallum, 1995.
"Two Fallacies Concerning Central Bank Independence ,"
NBER Working Papers
5075, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions: McCallum, Bennett T., 1997.
"Crucial issues concerning central bank independence ,"
Journal of Monetary Economics ,
Elsevier, vol. 39(1), pages 99-112, June.
[Downloadable!] (restricted)
Other versions: Cukierman, A., 1999.
"The Inflation Bias Result Revisited ,"
Papers
38-99, Tel Aviv.
Gordon, Robert J, 1997.
"The Time-Varying NAIRU and Its Implications for Economic Policy ,"
Journal of Economic Perspectives ,
American Economic Association, vol. 11(1), pages 11-32, Winter.
[Downloadable!] (restricted)
Other versions: Gallant, A Ronald & Rossi, Peter E & Tauchen, George, 1993.
"Nonlinear Dynamic Structures ,"
Econometrica ,
Econometric Society, vol. 61(4), pages 871-907, July.
[Downloadable!] (restricted)
Dolado, Juan J. & María-Dolores, Ramón & Ruge-Murcia, Francisco J., 2002.
"Non-Linear Monetary Policy Rules: Some New Evidence for the US ,"
CEPR Discussion Papers
3405, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Other versions:
Dolado, J.J. & Maria-Dolores, R. & Ruge-Murcia, F.J., 2003.
"Nonlinear Monetary Policy Rules: Some New Evidence for the U.S ,"
Cahiers de recherche
18-2003, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
[Downloadable!] DOLADO, J.J. & MARIA-DOLORES, R. & RUGE-MURCIA, Francisco J., 2003.
"Nonlinear Monetary Policy Rules: Some New Evidence for the U.S ,"
Cahiers de recherche
2003-24, Universite de Montreal, Departement de sciences economiques.
[Downloadable!] J. J. Dolado & R. Maria-Dolores & F. J. Ruge-Murcia, 2002.
"Nonlinear Monetary Policy Rules: Some New Evidence For The Us ,"
Economics Working Papers
we022910, Universidad Carlos III, Departamento de Economía.
[Downloadable!] Juan Dolado & Ramón Pedrero & Francisco Ruge-Murcia, 2004.
"Nonlinear Monetary Policy Rules: Some New Evidence for the U.S ,"
Studies in Nonlinear Dynamics & Econometrics ,
Berkeley Electronic Press, vol. 8(3), pages 1155-1155.
[Downloadable!] (restricted) Pedro Pablo Alvarez Lois, 2000.
"Asymmetries In The Capacity-Inflation Trade-Off ,"
UFAE and IAE Working Papers
470.00, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
[Downloadable!]
Svensson, Lars E. O., 1997.
"Inflation forecast targeting: Implementing and monitoring inflation targets ,"
European Economic Review ,
Elsevier, vol. 41(6), pages 1111-1146, June.
[Downloadable!] (restricted)
Other versions:
Svensson, L-E-O, 1996.
"Inflation Forecast Targeting : Implementaing and Monitoring Inflation Targets ,"
Papers
615, Stockholm - International Economic Studies.
Svensson, Lars E.O., 1997.
"Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets ,"
Seminar Papers
615, Stockholm University, Institute for International Economic Studies.
[Downloadable!] Svensson, Lars E O, 1996.
"Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets ,"
CEPR Discussion Papers
1511, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Lars E. O. Svensson, 1997.
"Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets ,"
NBER Working Papers
5797, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Lars E O Svensson, .
"Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets ,"
Bank of England working papers
56, Bank of England.
Pagan, Adrian & Ullah, Aman, 1988.
"The Econometric Analysis of Models with Risk Terms ,"
Journal of Applied Econometrics ,
John Wiley & Sons, Ltd., vol. 3(2), pages 87-105, April.
[Downloadable!] (restricted)
Eric Schaling, .
"The non-linear Phillips curve and inflation forecast targeting ,"
Bank of England working papers
98, Bank of England.
[Downloadable!]
Frédérique Bec & Mélika Ben Salem & Fabrice Collard, 2002.
"Asymmetries in Monetary Policy Reaction Function: Evidence for U.S. French and German Central Banks ,"
Studies in Nonlinear Dynamics & Econometrics ,
Berkeley Electronic Press, vol. 6(2), pages 1006-1006.
[Downloadable!] (restricted)
Ruge-Murcia, Francisco J., 2004.
"The inflation bias when the central bank targets the natural rate of unemployment ,"
European Economic Review ,
Elsevier, vol. 48(1), pages 91-107, February.
[Downloadable!] (restricted)
Other versions: Kimball, Miles S, 1990.
"Precautionary Saving in the Small and in the Large ,"
Econometrica ,
Econometric Society, vol. 58(1), pages 53-73, January.
[Downloadable!] (restricted)
Other versions: Pagan, Adrian, 1984.
"Econometric Issues in the Analysis of Regressions with Generated Regressors ,"
International Economic Review ,
Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 25(1), pages 221-47, February.
[Downloadable!] (restricted)
Ruge-Murcia, F.J., 2001.
"A Prudent Central Banker ,"
Cahiers de recherche
2001-07, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
Other versions:
RUGE-MURCIA, Francisco J., 2001.
"A Prudent Central Banker ,"
Cahiers de recherche
2001-07, Universite de Montreal, Departement de sciences economiques.
[Downloadable!] Francisco J. Ruge-Murciá, 2002.
"A Prudent Central Banker ,"
IMF Staff Papers ,
Palgrave Macmillan Journals, vol. 49(3), pages 7.
[Downloadable!] (restricted) Peter B. Clark & Douglas Laxton & David Rose, 1995.
"Capacity Constraints, Inflation and the Transmission Mechanism - Forward-Looking Versus Myopic Policy Rules ,"
IMF Working Papers
95/75, International Monetary Fund.
Nobay, A. R. & Peel, D. A., 2000.
"Optimal monetary policy with a nonlinear Phillips curve ,"
Economics Letters ,
Elsevier, vol. 67(2), pages 159-164, May.
[Downloadable!] (restricted)
Koop, Gary & Pesaran, M. Hashem & Potter, Simon M., 1996.
"Impulse response analysis in nonlinear multivariate models ,"
Journal of Econometrics ,
Elsevier, vol. 74(1), pages 119-147, September.
[Downloadable!] (restricted)
Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.) This item has more than 25 citations. To prevent cluttering this page, these citations are listed on a separate page .
Access and
download statistics Did you know? IDEAS also covers the most complete directory of Economics departments and institutes, EDIRC .
This page was last updated on 2008-8-5.
This information is provided to you by IDEAS at the Department of Economics , College of Liberal Arts and Sciences , University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics .