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

Author

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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.

Suggested Citation

  • Kozmenko, Serhiy & Savchenko, Taras, 2013. "Development of an explicit rule of monetary policy for the economy of Ukraine," MPRA Paper 50793, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:50793
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    File URL: https://mpra.ub.uni-muenchen.de/50793/1/MPRA_paper_50793.pdf
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    References listed on IDEAS

    as
    1. Richard Clarida & Jordi Galí & Mark Gertler, 2000. "Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory," The Quarterly Journal of Economics, Oxford University Press, vol. 115(1), pages 147-180.
    2. 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.
    3. John B. Taylor, 1999. "A Historical Analysis of Monetary Policy Rules," NBER Chapters,in: Monetary Policy Rules, pages 319-348 National Bureau of Economic Research, Inc.
    4. Clarida, Richard & Gali, Jordi & Gertler, Mark, 1998. "Monetary policy rules in practice Some international evidence," European Economic Review, Elsevier, vol. 42(6), pages 1033-1067, June.
    5. 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.
    6. 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.
    7. Ágnes Horváth & Csaba Köber & Katalin Szilágyi, 2011. "MPM – The Magyar Nemzeti Bank’s monetary policy model," MNB Bulletin (discontinued), Magyar Nemzeti Bank (Central Bank of Hungary), vol. 6(2), pages 18-24, June.
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    Citations

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    Cited by:

    1. Savchenko, Taras & Kozmenko, Serhiy & Piontkovska, Yanina, 2014. "Development and application of the monetary rule for the base interest rate of the National Bank of Ukraine," MPRA Paper 61138, University Library of Munich, Germany.

    More about this item

    Keywords

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

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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