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Has Monetary Policy Become More Efficient? A Cross Country Analysis

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Cited by:

  1. Davide fiaschi & Lisa Gianmoena & Angela Parenti, 2013. "The Determinants of Growth Rate Volatility in European Regions," Discussion Papers 2013/170, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
  2. Silvio Colarossi & Andrea Zaghini, 2009. "Gradualism, Transparency and the Improved Operational Framework: A Look at Overnight Volatility Transmission," International Finance, Wiley Blackwell, vol. 12(2), pages 151-170, August.
  3. Carlos Capistrán & Manuel Ramos‐Francia, 2010. "Does Inflation Targeting Affect the Dispersion of Inflation Expectations?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(1), pages 113-134, February.
  4. Balavac, Merima & Pugh, Geoff, 2016. "The link between trade openness, export diversification, institutions and output volatility in transition countries," Economic Systems, Elsevier, vol. 40(2), pages 273-287.
  5. Stephen G Cecchetti & Alfonso Flores-Lagunes & Stefan Krause, 2005. "Assessing the Sources of Changes in the Volatility of Real Growth," RBA Annual Conference Volume (Discontinued), in: Christopher Kent & David Norman (ed.),The Changing Nature of the Business Cycle, Reserve Bank of Australia.
  6. Semih Emre Çekin & Rangan Gupta & Eric Olson, 2021. "The Taylor curve: international evidence," Applied Economics, Taylor & Francis Journals, vol. 53(40), pages 4680-4691, August.
  7. Abdelkader Aguir, 2017. "Stability and Economic Performance of the Inflation-Targeting Policy Facing the Crisis," International Journal of Economics and Financial Issues, Econjournals, vol. 7(4), pages 448-452.
  8. Peter M. Summers, 2005. "What caused the Great Moderation? : some cross-country evidence," Economic Review, Federal Reserve Bank of Kansas City, vol. 90(Q III), pages 5-32.
  9. Olson, Eric & Wohar, Mark E., 2016. "An evaluation of ECB policy in the Euro's big four," Journal of Macroeconomics, Elsevier, vol. 48(C), pages 203-213.
  10. Christopher Kent & Kylie Smith & James Holloway, 2005. "Declining Output Volatility: What Role for Structural Change?," RBA Annual Conference Volume (Discontinued), in: Christopher Kent & David Norman (ed.),The Changing Nature of the Business Cycle, Reserve Bank of Australia.
  11. Bijapur, Mohan, 2012. "Do financial crises erode potential output? evidence from OECD inflation responses," LSE Research Online Documents on Economics 56616, London School of Economics and Political Science, LSE Library.
  12. João Pedro Pereira & Vasco Pesquita & Paulo M. M. Rodrigues & António Rua, 2019. "Market integration and the persistence of electricity prices," Empirical Economics, Springer, vol. 57(5), pages 1495-1514, November.
  13. Kesavarajah Mayandy & Paul Middleditch, 2022. "Monetary policy and inflation–output variability in Sri Lanka: Lessons for developing economies," Review of Development Economics, Wiley Blackwell, vol. 26(1), pages 259-279, February.
  14. Sergio Destefanis, 2003. "Measuring macroeconomic performance through a non-parametric Taylor curve," CSEF Working Papers 95, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
  15. Bijapur, Mohan, 2014. "What Drives Business Cycle Fluctuations: Aggregate or Idiosyncratic Uncertainty Shocks?," MPRA Paper 60361, University Library of Munich, Germany.
  16. Colin Ellis & Haroon Mumtaz & Pawel Zabczyk, 2014. "What Lies Beneath? A Time‐varying FAVAR Model for the UK Transmission Mechanism," Economic Journal, Royal Economic Society, vol. 0(576), pages 668-699, May.
  17. Marcelo Ochoa & Klaus Schmidt-Hebbel, 2006. "El Banco Central de Chile en Comparación con los Bancos Centrales del Mundo," Working Papers Central Bank of Chile 367, Central Bank of Chile.
  18. Stephen G. Cecchetti & Alfonso Flores-Lagunes & Stefan Krause, 2006. "Has Monetary Policy become more Efficient? a Cross-Country Analysis," Economic Journal, Royal Economic Society, vol. 116(511), pages 408-433, April.
  19. Arief Ramayandi, 2009. "Assessing Monetary Policy Efficiency in the ASEAN-5 Countries," Working Papers in Economics and Development Studies (WoPEDS) 200902, Department of Economics, Padjadjaran University, revised Mar 2009.
  20. Ewen Gallic & Jean-Christophe Poutineau & Gauthier Vermandel, 2017. "L’impact de la crise financière sur la performance de la politique monétaire conventionnelle de la zone euro," Revue économique, Presses de Sciences-Po, vol. 68(HS1), pages 63-86.
  21. Stephen G. Cecchetti & Kermit L. Schoenholtz, 2008. "How Central Bankers See It: The First Decade of ECB Policy and Beyond," NBER Working Papers 14489, National Bureau of Economic Research, Inc.
  22. Irene Brunetti & Davide fiaschi & Lisa Gianmoena, 2013. "An Index of Growth Rate Volatility: Methodology and an Application to European Regions," Discussion Papers 2013/169, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
  23. Charles Bean, 2004. "Inflation Targeting: The UK Experience," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 5(4), pages 405-421, November.
  24. de Mendonça, Helder Ferreira & Nascimento, Natalia Cunha, 2020. "Monetary policy efficiency and macroeconomic stability: Do financial openness and economic globalization matter?," The North American Journal of Economics and Finance, Elsevier, vol. 51(C).
  25. Stefan Krause & Fabio Méndez, 2005. "Policy Makers' Preferences, Party Ideology, and the Political Business Cycle," Southern Economic Journal, John Wiley & Sons, vol. 71(4), pages 752-767, April.
  26. Eric Olson & Walter Enders, 2012. "A Historical Analysis of the Taylor Curve," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44(7), pages 1285-1299, October.
  27. Stan Du Plessis & Ben Smit & Federico Sturzenegger, 2007. "The Cyclicality Of Monetary And Fiscal Policy In South Africa Since 1994," South African Journal of Economics, Economic Society of South Africa, vol. 75(3), pages 391-411, September.
  28. Paulo M.M. Rodrigues & Philipp Sibbertsen, 2019. "Testing for breaks in the cointegrating relationship: On the stability of government bond markets’ equilibrium," Working Papers w201912, Banco de Portugal, Economics and Research Department.
  29. Givens, Gregory E. & Salemi, Michael K., 2015. "Inferring monetary policy objectives with a partially observed state," Journal of Economic Dynamics and Control, Elsevier, vol. 52(C), pages 190-208.
  30. Pierre L. Siklos, 2016. "Forecast Disagreement and the Inflation Outlook: New International Evidence," IMES Discussion Paper Series 16-E-03, Institute for Monetary and Economic Studies, Bank of Japan.
  31. Frederic S. Miskin & Klaus Schmidt-Hebbel, 2007. "Does Inflation Targeting Make a Difference?," Central Banking, Analysis, and Economic Policies Book Series, in: Frederic S. Miskin & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Se (ed.),Monetary Policy under Inflation Targeting, edition 1, volume 11, chapter 9, pages 291-372, Central Bank of Chile.
  32. Briec, Walter & Gabillon, Emmanuelle & Lasselle, Laurence & Ratsimbanierana, Hermann, 2012. "On measuring the efficiency of monetary policy," Economics Letters, Elsevier, vol. 117(1), pages 182-185.
  33. Miles Parker, 2006. "Diverging Trends in Aggregate and Firm-Level Volatility in the UK," Discussion Papers 16, Monetary Policy Committee Unit, Bank of England.
  34. Bijapur, Mohan, 2013. "Are credit crunches supply or demand shocks?," LSE Research Online Documents on Economics 56620, London School of Economics and Political Science, LSE Library.
  35. Vitor Gaspar & Anil K. Kashyap, 2006. "Stability First: Reflections Inspired by Otmar Issing's Success as the ECB's Chief Economist," NBER Working Papers 12277, National Bureau of Economic Research, Inc.
  36. Steffen Henzel & Elisabeth Wieland, 2013. "Synchronization and Changes in International Inflation Uncertainty," CESifo Working Paper Series 4194, CESifo.
  37. Ummad Mazhar, 2013. "Does Greater Transparency Stabilize Output? Evidence from Panel Data," SBP Working Paper Series 59, State Bank of Pakistan, Research Department.
  38. Siklos, Pierre, 2017. "What Has Publishing Inflation Forecasts Accomplished? Central Banks And Their Competitors," LCERPA Working Papers 0098, Laurier Centre for Economic Research and Policy Analysis, revised 01 Apr 2017.
  39. Uluc Aysun & Ryan Brady & Adam Honig, 2009. "Financial Frictions and Monetary Transmission Strength: A Cross-Country Analysis," Working papers 2009-24, University of Connecticut, Department of Economics, revised Jun 2010.
  40. Efrem Castelnuovo, 2003. "Taylor Rules and Interest Rate Smoothing in the US and EMU," Macroeconomics 0303002, University Library of Munich, Germany.
  41. Bijapur, Mohan, 2012. "Do financial crises erode potential output? Evidence from OECD inflation responses," Economics Letters, Elsevier, vol. 117(3), pages 700-703.
  42. John B. Taylor, 2013. "The Effectiveness of Central Bank Independence Versus Policy Rules," Discussion Papers 12-009, Stanford Institute for Economic Policy Research.
  43. Amarasekara, Chandranath, 2008. "Have the Sacrifice Ratios Changed under Inflation Targeting? An Empirical Investigation," MPRA Paper 64867, University Library of Munich, Germany.
  44. Uluc Aysun & Ryan Brady & Adam Honig, 2011. "Financial Frictions and the Credit Channel of Monetary Transmission," Working Papers 2011-03, University of Central Florida, Department of Economics.
  45. repec:ebl:ecbull:v:5:y:2005:i:12:p:1-6 is not listed on IDEAS
  46. Abdelkader Aguir, 2017. "Stability and Economic Performance of the Inflation-Targeting Policy Facing the Crisis," Post-Print hal-03791276, HAL.
  47. Martins, Luis F. & Rodrigues, Paulo M.M., 2014. "Testing for persistence change in fractionally integrated models: An application to world inflation rates," Computational Statistics & Data Analysis, Elsevier, vol. 76(C), pages 502-522.
  48. Ruttachai Seelajaroen & Pornanong Budsaratragoon & Boonlert Jitmaneeroj, 2020. "Do monetary policy transparency and central bank communication reduce interest rate disagreement?," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 39(3), pages 368-393, April.
  49. Efrem Castelnuovo, 2002. "Squeezing the Interest Rate Smoothing Weight with a Hybrid Expectations Model," Macroeconomics 0211006, University Library of Munich, Germany.
  50. John B. Taylor, 2012. "Monetary Policy Rules Work and Discretion Doesn't: A Tale of Two Eras," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44(6), pages 1017-1032, September.
  51. Osama Sweidan & Fadwa Kalaji, 2005. "The central bank cost constraint and output-inflation variability: a note on Cecchetti and Ehrmann 2000," Economics Bulletin, AccessEcon, vol. 5(12), pages 1-6.
  52. Christopher Kent & Kylie Smith & James Holloway, 2005. "Declining Output Volatility: What Role for Structural Change?," RBA Research Discussion Papers rdp2005-08, Reserve Bank of Australia.
  53. Christina V. Atanasova & Jianhua Gang, 2008. "The Decline In The Volatility Of The Business Cycles In The Uk," Manchester School, University of Manchester, vol. 76(s1), pages 14-36, September.
  54. Pablo Pincheira & Mauricio Calani, 2010. "Communicational Bias in Monetary Policy: Can Words Forecast Deeds?," Economía Journal, The Latin American and Caribbean Economic Association - LACEA, vol. 0(Fall 2010), pages 103-152, August.
  55. de Mello, Luiz & Moccero, Diego, 2011. "Monetary policy and macroeconomic stability in Latin America: The cases of Brazil, Chile, Colombia and Mexico," Journal of International Money and Finance, Elsevier, vol. 30(1), pages 229-245, February.
  56. Goodness C. Aye & Mehmet Balcilar & Rangan Gupta, 2020. "The Effectiveness Of Monetary Policy In South Africa Under Inflation Targeting: Evidence from a Time-Varying Factor-Augmented Vector Autoregressive Model," Journal of Developing Areas, Tennessee State University, College of Business, vol. 54(4), pages 55-73, October-D.
  57. Ivan Kitov & Oleg Kitov, 2013. "Inflation, unemployment, and labour force. Phillips curves and long-term projections for Austria," Papers 1310.1786, arXiv.org.
  58. Bijapur, Mohan, 2010. "Does monetary policy lose effectiveness during a credit crunch?," Economics Letters, Elsevier, vol. 106(1), pages 42-44, January.
  59. Dong-Hyeon Kim & Shu-Chin Lin & Joyce Hsieh & Yu-Bo Suen, 2018. "The Fisher Equation: A Nonlinear Panel Data Approach," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 54(1), pages 162-180, January.
  60. Mr. Tamim Bayoumi & Ms. Silvia Sgherri, 2004. "Deconstructing the Art of Central Banking," IMF Working Papers 2004/195, International Monetary Fund.
  61. Stephen G. Cecchetti & Stefan Krause, 2001. "Financial Structure, Macroeconomic Stability and Monetary Policy," NBER Working Papers 8354, National Bureau of Economic Research, Inc.
  62. Loretta J. Mester, 2003. "Applying efficiency measurement techniques to central banks," Working Papers 03-13, Federal Reserve Bank of Philadelphia.
  63. James S. Fackler & W. Douglas McMillin, 2011. "Inflation Forecast Targeting: An Alternative Approach to Estimating the Inflation‐Output Variability Tradeoff," Southern Economic Journal, John Wiley & Sons, vol. 78(2), pages 424-451, October.
  64. Jamie Hall & Jarkko P. Jääskelä, 2011. "Inflation Volatility and Forecast Accuracy," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 44(4), pages 404-417, December.
  65. Bijapur, Mohan, 2010. "Does monetary policy lose effectiveness during a credit crunch?," LSE Research Online Documents on Economics 56617, London School of Economics and Political Science, LSE Library.
  66. Perera, Anil & Wickramanayake, J., 2016. "Determinants of commercial bank retail interest rate adjustments: Evidence from a panel data model," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 45(C), pages 1-20.
  67. J. Marcelo Ochoa C., 2009. "Monetary Policy Efficiency in Chile were there any Improvements?," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 12(1), pages 39-49, April.
  68. Etienne Farvaque & Piotr Stanek & Stéphane Vigeant, 2014. "On the Performance of Monetary Policy Committees," Kyklos, Wiley Blackwell, vol. 67(2), pages 177-203, May.
  69. Smith Penelope & Summers Peter M, 2009. "Regime Switches in GDP Growth and Volatility: Some International Evidence and Implications for Modeling Business Cycles," The B.E. Journal of Macroeconomics, De Gruyter, vol. 9(1), pages 1-19, September.
  70. Carlo Favero & Iryna Kaminska & Ulf Soderstrom, 2005. "The Predictive Power of the Yield Spread: Further Evidence and a Structural Interpretation," Working Papers 280, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
  71. Woon Gyu Choi & Yi Wen, 2010. "Dissecting Taylor rules in a structural VAR," Working Papers 2010-005, Federal Reserve Bank of St. Louis.
  72. Eka Purwanda & Siti Herni Rochana, 2017. "Measurement of the efficiency of monetary policy," Economic Journal of Emerging Markets, Universitas Islam Indonesia, vol. 9(2), pages 138-149, April.
  73. Faith Christian Cacnio, 2013. "Analysing inflation dynamics in the Philippines using the new Keynesian Phililips curve," Philippine Review of Economics, University of the Philippines School of Economics and Philippine Economic Society, vol. 50(2), pages 53-82, December.
  74. Krause Montalbert, Stefan, 2016. "Better off without the euro? Evaluating monetary policy and macroeconomic performance for the u.k. and sweden," Revista de Ciencias Económicas, Instituto de Investigaciones en Ciencias Económicas, Universidad de Costa Rica, vol. 34(2), December.
  75. Nezir Kose & Yeliz Yalcin & Eray Yucel, 2018. "Performance of inflation targeting in retrospect," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 45(1), pages 197-213, February.
  76. Stephen G. Cecchetti & Kermit L. Schoenholtz, 2010. "How Central Bankers See It: The First Decade of European Central Bank Policy and Beyond," NBER Chapters, in: Europe and the Euro, pages 327-374, National Bureau of Economic Research, Inc.
  77. Roudari, Soheil & Mensi, Walid & Kharusi, Sami Al & Ahmadian-Yazdi, Farzaneh, 2023. "Impacts of oil shocks on stock markets in Norway and Japan: Does monetary policy's effectiveness matter?," International Economics, Elsevier, vol. 173(C), pages 343-358.
  78. Bijapur, Mohan, 2013. "Are Credit Shocks Supply or Demand Shocks?," MPRA Paper 49005, University Library of Munich, Germany.
  79. John B Taylor, 2013. "The Effectiveness of Central Bank Independence vs. Policy Rules," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 48(3), pages 155-162, July.
  80. Destefanis, Sergio & Fragetta, Matteo & Gasteiger, Emanuel, 2021. "Does one size fit all in the Euro Area? Some counterfactual evidence," ECON WPS - Working Papers in Economic Theory and Policy 05/2019, TU Wien, Institute of Statistics and Mathematical Methods in Economics, Economics Research Unit, revised 2021.
  81. Rifai Afin, 2023. "Interlinka Terlinkage Of M Ge Of Macroeconomic Uncer Croeconomic Uncertainty And Macroeconomic Performance: Evidence From Asean-5 Countries Panel Var," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 26(1), pages 39-68, March.
  82. Carlos Capistr¡N & Manuel Ramos-Francia, 2010. "Does Inflation Targeting Affect the Dispersion of Inflation Expectations?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(1), pages 113-134, February.
  83. Zaghini, Andrea & Bencivelli, Lorenzo, 2012. "Financial innovation, macroeconomic volatility and the great moderation," MPRA Paper 41263, University Library of Munich, Germany.
  84. Amarasekara, Chandranath, 2009. "Central Bank Objectives and Aggregate Disturbances," MPRA Paper 64868, University Library of Munich, Germany.
  85. Herro, Nicholas & Murray, James, 2011. "Dynamics of Monetary Policy Uncertainty and the Impact on the Macroeconomy," MPRA Paper 30387, University Library of Munich, Germany.
  86. Ahmed Ramzy Mohamed, 2022. "Artificial Neural Network for Modeling the Economic Performance: A New Perspective," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 20(3), pages 555-575, September.
  87. Olson, Eric & Enders, Walter & Wohar, Mark E., 2012. "An empirical investigation of the Taylor curve," Journal of Macroeconomics, Elsevier, vol. 34(2), pages 380-390.
  88. Brady, Ryan R., 2008. "Structural breaks and consumer credit: Is consumption smoothing finally a reality?," Journal of Macroeconomics, Elsevier, vol. 30(3), pages 1246-1268, September.
  89. Manjola Tase, 2013. "Sectoral allocation, risk efficiency and the Great Moderation," Finance and Economics Discussion Series 2013-73, Board of Governors of the Federal Reserve System (U.S.).
  90. Goodhart, Charles, 2005. "An essay on the interactions between the Bank of England's forecasts, the MPC's policy adjustments, and the eventual outcome," LSE Research Online Documents on Economics 24665, London School of Economics and Political Science, LSE Library.
  91. Manjola Tase, 2016. "Sectoral Dynamics and Business Cycles," Finance and Economics Discussion Series 2016-066, Board of Governors of the Federal Reserve System (U.S.).
  92. Benoit Mojon, 2007. "Monetary policy, output composition and the Great Moderation," Working Paper Series WP-07-07, Federal Reserve Bank of Chicago.
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