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: Repositório Institucional da UCB
Texto Completo: http://hdl.handle.net/123456789/284
https://repositorio.ucb.br:9443/jspui/handle/123456789/7538
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 Divino, Jose Angelo2016-10-10T03:51:49Z2016-10-10T03:51:49Z2009-01DIVINO, Jose Angelo. Monetary policy rules across OECD countries. Rev. Bras. Econ., Rio de Janeiro, v. 63, n. 1, Mar. 20090034-7140http://hdl.handle.net/123456789/284https://repositorio.ucb.br:9443/jspui/handle/123456789/7538This 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.Este artigo fornece evidência empírica sobre regras de política monetária entre os principais países da OECD durante o período de 1979:1 a 1998:4. Os resultados indicam uma convergência de práticas de política monetária na direção de uma política estritamente anti-inflacionária no período pó s-1987:3. De 1979:3 a 1987:2, há evidências de uma política monetária acomodativa. Comparando a performance de medidas alternativas de inflação, PPI parece ter desempenhado um papel implícito de inflação-meta no último período. Tal política evita flutuações desnecessárias da taxa nominal de juros, que reage apenas a distúrbios que afetam variáveis domésticas.Made available in DSpace on 2016-10-10T03:51:49Z (GMT). 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dc.title.pt_BR.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
dc.description.abstract.por.fl_txt_mv 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.
Este artigo fornece evidência empírica sobre regras de política monetária entre os principais países da OECD durante o período de 1979:1 a 1998:4. Os resultados indicam uma convergência de práticas de política monetária na direção de uma política estritamente anti-inflacionária no período pó s-1987:3. De 1979:3 a 1987:2, há evidências de uma política monetária acomodativa. Comparando a performance de medidas alternativas de inflação, PPI parece ter desempenhado um papel implícito de inflação-meta no último período. Tal política evita flutuações desnecessárias da taxa nominal de juros, que reage apenas a distúrbios que afetam variáveis domésticas.
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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.issued.fl_str_mv 2009-01
dc.date.accessioned.fl_str_mv 2016-10-10T03:51:49Z
dc.date.available.fl_str_mv 2016-10-10T03:51:49Z
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dc.identifier.citation.fl_str_mv DIVINO, Jose Angelo. Monetary policy rules across OECD countries. Rev. Bras. Econ., Rio de Janeiro, v. 63, n. 1, Mar. 2009
dc.identifier.uri.fl_str_mv http://hdl.handle.net/123456789/284
https://repositorio.ucb.br:9443/jspui/handle/123456789/7538
dc.identifier.issn.none.fl_str_mv 0034-7140
identifier_str_mv DIVINO, Jose Angelo. Monetary policy rules across OECD countries. Rev. Bras. Econ., Rio de Janeiro, v. 63, n. 1, Mar. 2009
0034-7140
url http://hdl.handle.net/123456789/284
https://repositorio.ucb.br:9443/jspui/handle/123456789/7538
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