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Development of an explicit rule of monetary policy for the economy of Ukraine

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  • Kozmenko, Serhiy
  • Savchenko, Taras

Abstract

The paper explains the expediency of developing an explicit rule of monetary policy for the economy of Ukraine. It studies the stages of its development, proving the expediency of formation of monetary rules for money aggregates, evaluates equilibrium values of the rule’s parameters based on the use of the modified Hodrick-Prescott filter, and determines the possible parameters of the monetary rule and their estimated coefficients by developing multivariate regression models.

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File URL: http://mpra.ub.uni-muenchen.de/50793/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 50793.

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Date of creation: 01 Mar 2013
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Publication status: Published in Investment Management and Financial Innovations, 1.10(2013): pp. 8-19
Handle: RePEc:pra:mprapa:50793

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Keywords: monetary policy rule; central bank; monetary policy; the Hodrick-Prescott filter; inflation targeting.;

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  1. Clarida, Richard & Gali, Jordi & Gertler, Mark, 1997. "Monetary Policy Rules in Practice: Some International Evidence," Working Papers, C.V. Starr Center for Applied Economics, New York University 97-32, C.V. Starr Center for Applied Economics, New York University.
  2. Richard Clarida & Jordi Galí & Mark Gertler, 2000. "Monetary Policy Rules And Macroeconomic Stability: Evidence And Some Theory," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 115(1), pages 147-180, February.
  3. Kozmenko, Serhiy & Savchenko, Taras, 2011. "Countercyclical monetary policy in major economies of the Commonwealth of Independent States," MPRA Paper 50792, University Library of Munich, Germany.
  4. Bennett T. McCallum & Edward Nelson, 1998. "Performance of Operational Policy Rules in an Estimated Semi-Classical Structural Model," NBER Working Papers 6599, National Bureau of Economic Research, Inc.
  5. John B. Taylor, 1998. "An Historical Analysis of Monetary Policy Rules," NBER Working Papers 6768, National Bureau of Economic Research, Inc.
  6. Ágnes Horváth & Csaba Köber & Katalin Szilágyi, 2011. "MPM – The Magyar Nemzeti Bank’s monetary policy model," MNB Bulletin, Magyar Nemzeti Bank (the central bank of Hungary), Magyar Nemzeti Bank (the central bank of Hungary), vol. 6(2), pages 18-24, June.
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