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A Policy Reaction Function for Nominal Interest Rates in the UK: 1972Q3-1982Q4

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  • Dua, Pami

Abstract

The U.K. authorities' reaction function for the Treasury bill rate is estimated over the p eriod 1972, quarter 3, to 1982, quarter 4. The variables included in the reaction function are obtained from various issues of the Bank of England Quarterly Bulletin and the National Institute Economic Revie w. The estimated reaction function shows the importance the authoriti es attach to the level of economic activity, the conditions in the fi nancial markets, the deviation of the actual rate of growth of the mo ney supply from the target rate of growth, the value of sterling, and the level of competitiveness. Copyright 1988 by Blackwell Publishing Ltd and the Board of Trustees of the Bulletin of Economic Research

Suggested Citation

  • Dua, Pami, 1988. "A Policy Reaction Function for Nominal Interest Rates in the UK: 1972Q3-1982Q4," Bulletin of Economic Research, Wiley Blackwell, vol. 40(1), pages 57-71, January.
    • Handle: RePEc:bla:buecrs:v:40:y:1988:i:1:p:57-71
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    Cited by:

    1. Shen, Chung-Hua & Hakes, david R., 1995. "Monetary policy as a decision-making hierarchy: The case of Taiwan," Journal of Macroeconomics, Elsevier, vol. 17(2), pages 357-368.
    2. Shen, Chung-Hua & Lin, Kun-Li & Guo, Na, 2016. "Hawk or dove: Switching regression model for the monetary policy reaction function in China," Pacific-Basin Finance Journal, Elsevier, vol. 36(C), pages 94-111.
    3. Bassey Nsikan Edet & Solomon Ubong Udo & Okon Ubokudom Etim, 2017. "Modelling the Demand for Money Function in Nigeria: Is There Stability?," Bulletin of Business and Economics (BBE), Research Foundation for Humanity (RFH), vol. 6(1), pages 45-57, March.

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