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Monetary Policy In The Unites States Under Flexible Exchange Rates

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  • PAPELL, D.H.

Abstract

This 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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Suggested Citation

  • Papell, D.H., 1988. "Monetary Policy In The Unites States Under Flexible Exchange Rates," Papers 8, Houston - Department of Economics.
  • Handle: RePEc:fth:housto:8
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    Cited by:

    1. Hiroshi Yoshikawa, 1993. "Monetary Policy and the Real Economy in Japan," NBER Chapters,in: Japanese Monetary Policy, pages 121-159 National Bureau of Economic Research, Inc.
    2. Douven, Rudy & Peeters, Marga, 1998. "GDP-spillovers in multi-country models," Economic Modelling, Elsevier, vol. 15(2), pages 163-195, April.
    3. Cushman, David O. & Zha, Tao, 1997. "Identifying monetary policy in a small open economy under flexible exchange rates," Journal of Monetary Economics, Elsevier, vol. 39(3), pages 433-448, August.
    4. Tao Zha, 1996. "Identification, vector autoregression, and block recursion," FRB Atlanta Working Paper 96-8, Federal Reserve Bank of Atlanta.
    5. 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.
    6. 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.
    7. Papell, David H., 1997. "Cointegration and exchange rate dynamics," Journal of International Money and Finance, Elsevier, vol. 16(3), pages 445-459, June.

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