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Does the Taylor Rule Guide US Monetary Policy?

 

Marketed By :  VDM Verlag Dr. Müller   Sold By :  Kamal Books International  
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  • Product Description
 

This paper estimates an interest rate reaction function for the US by using quarterly data spanning 1957:Q1-2010:Q3. We find evidence that US monetary policy can be described by the Taylor (1993) rule. Although Taylor''s original rule was specified under contemporaneous set-up, there is substantial evidence that forward looking specification can replace the original version without any loss of generality. Interest rate smoothing is another dimension that does not question the robustness of the rule. The only problem underlying in estimation process is the possibility of spurious regression that comes from the nonstationary behaviour of federal funds rate and inflation. We therefore suggest to examine the existence of Taylor rule as a cointegrating relationship between interest rate, inflation and output gap.

Product Specifications
SKU :COC69170
AuthorMohammed Saiful Islam
LanguageEnglish
BindingPaperback
Number of Pages88
Publishing Year2011-05-30T00:00:00.000
ISBN978-3639208344
Edition1 st
Book TypeEconomics
Country of ManufactureIndia
Product BrandVDM Verlag Dr. Müller
Product Packaging InfoBox
In The Box1 Piece
Product First Available On ClickOnCare.com2015-07-08 00:00:00