Monetary policy rules across OECD countries

Detalhes bibliográficos
Autor(a) principal: Divino,Jose Angelo
Data de Publicação: 2009
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Revista Brasileira de Economia (Online)
Texto Completo: http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402009000100005
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 countriesInterest Rate RuleDynamic Panel DataMonetary PolicyInflation StabilizationThis 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.Fundação Getúlio Vargas2009-03-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersiontext/htmlhttp://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402009000100005Revista Brasileira de Economia v.63 n.1 2009reponame:Revista Brasileira de Economia (Online)instname:Fundação Getulio Vargas (FGV)instacron:FGV10.1590/S0034-71402009000100005info:eu-repo/semantics/openAccessDivino,Jose Angeloeng2011-10-04T00:00:00Zoai:scielo:S0034-71402009000100005Revistahttp://bibliotecadigital.fgv.br/ojs/index.php/rbe/issue/archivehttps://old.scielo.br/oai/scielo-oai.php||rbe@fgv.br1806-91340034-7140opendoar:2011-10-04T00:00Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)false
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,Jose Angelo
Interest Rate Rule
Dynamic Panel Data
Monetary Policy
Inflation Stabilization
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,Jose Angelo
author_facet Divino,Jose Angelo
author_role author
dc.contributor.author.fl_str_mv Divino,Jose Angelo
dc.subject.por.fl_str_mv Interest Rate Rule
Dynamic Panel Data
Monetary Policy
Inflation Stabilization
topic Interest Rate Rule
Dynamic Panel Data
Monetary Policy
Inflation Stabilization
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 2009-03-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402009000100005
url http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402009000100005
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 10.1590/S0034-71402009000100005
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv text/html
dc.publisher.none.fl_str_mv Fundação Getúlio Vargas
publisher.none.fl_str_mv Fundação Getúlio Vargas
dc.source.none.fl_str_mv Revista Brasileira de Economia v.63 n.1 2009
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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