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

  • Kozmenko, Serhiy
  • Savchenko, Taras

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/50793/1/MPRA_paper_50793.pdf
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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
Date of revision:
Publication status: Published in Investment Management and Financial Innovations, 1.10(2013): pp. 8-19
Handle: RePEc:pra:mprapa:50793
Contact details of provider: Postal: Schackstr. 4, D-80539 Munich, Germany
Phone: +49-(0)89-2180-2219
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Web page: http://mpra.ub.uni-muenchen.de

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  1. John B. Taylor, 1998. "An Historical Analysis of Monetary Policy Rules," NBER Working Papers 6768, National Bureau of Economic Research, Inc.
  2. 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.
  3. 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.
  4. Bennett T. McCallum & Edward Nelson, 1999. "Performance of Operational Policy Rules in an Estimated Semiclassical Structural Model," NBER Chapters, in: Monetary Policy Rules, pages 15-56 National Bureau of Economic Research, Inc.
  5. 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), vol. 6(2), pages 18-24, June.
  6. Denise Côté & Jean-Paul Lam & Ying Liu & Pierre St-Amant, 2002. "The Role of Simple Rules in the Conduct of Canadian Monetary Policy," Bank of Canada Review, Bank of Canada, vol. 2002(Spring), pages 27-35.
  7. 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.
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