Arbeitspapier
Monetary policy rules in theory and in practice: Evidence from the UK and the US
Given the large amount of interaction between research on monetary policy and its practice, this paper examines whether some simple monetary policy rules that have been proposed in the academic literature, part of which has originated from within central banks, provide a reasonable characterisation of actual policy in the UK and the US. The paper finds that the simple rule that describes best actual US monetary policy is a speed limit rule with dynamics, whilst for the UK it is a forward-looking rule. The simpler dynamics in the UKís monetary policy rule are reflective of the lower persistence of inflation as a result of its policy of inflation targeting.
- Language
-
Englisch
- Bibliographic citation
-
Series: Cardiff Economics Working Papers ; No. E2007/13
- Classification
-
Wirtschaft
- Subject
-
Geldpolitik
Regelgebundene Politik
Taylor-Regel
Inflation Targeting
Großbritannien
USA
- Event
-
Geistige Schöpfung
- (who)
-
Páez-Farrell, Juan
- Event
-
Veröffentlichung
- (who)
-
Cardiff University, Cardiff Business School
- (where)
-
Cardiff
- (when)
-
2007
- Handle
- Last update
-
10.03.2025, 11:45 AM CET
Data provider
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Páez-Farrell, Juan
- Cardiff University, Cardiff Business School
Time of origin
- 2007
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