Monetary Policy Rules Across OECD Countries

Detalhes bibliográficos
Autor(a) principal: Divino, José Angelo
Data de Publicação: 2009
Tipo de documento: Artigo
Idioma: por
eng
Título da fonte: Revista Brasileira de Economia (Online)
Texto Completo: https://periodicos.fgv.br/rbe/article/view/1243
Resumo: This paper provides empirical evidence on cross-country monetary policy rules for the major OECD countries during the 1979Q2 to 1998Q4 period. The results point to a convergence of monetary policy practices towards a strict anti-inflation policy in the post-1987Q3 period. From 1979Q3 to 1987Q2, there is evidence of an accommodative monetary policy. Comparing the performance of alternative measures of inflation, PPI appears to have played an implicit role of target inflation rate in the latter period. Such a policy avoids unnecessary fluctuations in the nominal interest rate, which only reacts to disturbances that affect domestic variables.
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spelling Monetary Policy Rules Across OECD CountriesThis paper provides empirical evidence on cross-country monetary policy rules for the major OECD countries during the 1979Q2 to 1998Q4 period. The results point to a convergence of monetary policy practices towards a strict anti-inflation policy in the post-1987Q3 period. From 1979Q3 to 1987Q2, there is evidence of an accommodative monetary policy. Comparing the performance of alternative measures of inflation, PPI appears to have played an implicit role of target inflation rate in the latter period. Such a policy avoids unnecessary fluctuations in the nominal interest rate, which only reacts to disturbances that affect domestic variables.EGV EPGE2009-04-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionArticlesArtigosapplication/pdfapplication/pdfhttps://periodicos.fgv.br/rbe/article/view/1243Revista Brasileira de Economia; Vol. 63 No. 1 (2009); 63-74Revista Brasileira de Economia; v. 63 n. 1 (2009); 63-741806-91340034-7140reponame:Revista Brasileira de Economia (Online)instname:Fundação Getulio Vargas (FGV)instacron:FGVporenghttps://periodicos.fgv.br/rbe/article/view/1243/826https://periodicos.fgv.br/rbe/article/view/1243/827Divino, José Angeloinfo:eu-repo/semantics/openAccess2009-05-20T19:38:53Zoai:ojs.periodicos.fgv.br:article/1243Revistahttps://periodicos.fgv.br/rbe/https://periodicos.fgv.br/rbe/oai||rbe@fgv.br1806-91340034-7140opendoar:2024-03-06T13:03:02.406793Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)true
dc.title.none.fl_str_mv Monetary Policy Rules Across OECD Countries
title Monetary Policy Rules Across OECD Countries
spellingShingle Monetary Policy Rules Across OECD Countries
Divino, José Angelo
title_short Monetary Policy Rules Across OECD Countries
title_full Monetary Policy Rules Across OECD Countries
title_fullStr Monetary Policy Rules Across OECD Countries
title_full_unstemmed Monetary Policy Rules Across OECD Countries
title_sort Monetary Policy Rules Across OECD Countries
author Divino, José Angelo
author_facet Divino, José Angelo
author_role author
dc.contributor.author.fl_str_mv Divino, José Angelo
description This paper provides empirical evidence on cross-country monetary policy rules for the major OECD countries during the 1979Q2 to 1998Q4 period. The results point to a convergence of monetary policy practices towards a strict anti-inflation policy in the post-1987Q3 period. From 1979Q3 to 1987Q2, there is evidence of an accommodative monetary policy. Comparing the performance of alternative measures of inflation, PPI appears to have played an implicit role of target inflation rate in the latter period. Such a policy avoids unnecessary fluctuations in the nominal interest rate, which only reacts to disturbances that affect domestic variables.
publishDate 2009
dc.date.none.fl_str_mv 2009-04-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Articles
Artigos
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status_str publishedVersion
dc.identifier.uri.fl_str_mv https://periodicos.fgv.br/rbe/article/view/1243
url https://periodicos.fgv.br/rbe/article/view/1243
dc.language.iso.fl_str_mv por
eng
language por
eng
dc.relation.none.fl_str_mv https://periodicos.fgv.br/rbe/article/view/1243/826
https://periodicos.fgv.br/rbe/article/view/1243/827
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
application/pdf
dc.publisher.none.fl_str_mv EGV EPGE
publisher.none.fl_str_mv EGV EPGE
dc.source.none.fl_str_mv Revista Brasileira de Economia; Vol. 63 No. 1 (2009); 63-74
Revista Brasileira de Economia; v. 63 n. 1 (2009); 63-74
1806-9134
0034-7140
reponame:Revista Brasileira de Economia (Online)
instname:Fundação Getulio Vargas (FGV)
instacron:FGV
instname_str Fundação Getulio Vargas (FGV)
instacron_str FGV
institution FGV
reponame_str Revista Brasileira de Economia (Online)
collection Revista Brasileira de Economia (Online)
repository.name.fl_str_mv Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)
repository.mail.fl_str_mv ||rbe@fgv.br
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