Konferenzbeitrag
Does the foreign interest rate matter for monetary policy? Evidence from nonlinear Taylor rules
Abstract. Deviations of policy interest rates from the levels implied by the Taylor rule have been persistent after the turn of the century even before the financial crisis. These deviations could be due to lower real interest rates, as stated by the savings glut hypothesis as well as the apparent success of monetary policy in combating inflation. Alternatively, they might reflect the omission of relevant variables in the standard rule, such as international dependencies in the interest rate setting of central banks. By using a smooth transition regression approach for three major central banks, this paper provides evidence for nonlinear threshold dynamics. In fact, the foreign interest rate is well-suited to improve standard Taylor-Rules.
- Sprache
-
Englisch
- Erschienen in
-
Series: Beiträge zur Jahrestagung des Vereins für Socialpolitik 2014: Evidenzbasierte Wirtschaftspolitik - Session: Empirical Macro: Credibility, Ability, and Central Bank Reaction Functions ; No. B19-V3
- Klassifikation
-
Wirtschaft
Interest Rates: Determination, Term Structure, and Effects
Monetary Policy
Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Belke, Ansgar
Beckmann, Joscha
Dreger, Christian
- Ereignis
-
Veröffentlichung
- (wer)
-
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
- (wo)
-
Kiel und Hamburg
- (wann)
-
2014
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Konferenzbeitrag
Beteiligte
- Belke, Ansgar
- Beckmann, Joscha
- Dreger, Christian
- ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
Entstanden
- 2014
Ähnliche Objekte (12)
Current account imbalances in the euro area: Catching up or competitiveness?
Griechenlandhilfe : Überraschend großzügig, überraschend unkonkret: Kommentar
Did interest rates at the zero lower bound affect lending of commercial banks? Evidence for the euro area
Current account imbalances in the euro area: Catching up or competitiveness?
The Transmission of Oil and Food Prices to Consumer Prices – Evidence for the MENA Countries
Current account imbalances in the euro area: Catching up or competitiveness?
Griechenlandhilfe: Überraschend großzügig, überraschend unkonkret: Kommentar
Current account imbalances in the euro area: Catching up or competitiveness?
Ramifications of debt restructuring on the euro area: The example of large European economies΄ exposure to Greece
Ramifications of debt restructuring on the Euroa area: The example of large European economies' exposure to Greece
Ramifications of debt restructuring on the euro area: The example of large European economies' exposure to Greece
Ramifications of Debt Restructuring on the Euro Area – The Example of Large European Economies' Exposure to Greece
Current account imbalances in the euro area: Catching up or competitiveness?
Griechenlandhilfe : Überraschend großzügig, überraschend unkonkret: Kommentar
Did interest rates at the zero lower bound affect lending of commercial banks? Evidence for the euro area
Current account imbalances in the euro area: Catching up or competitiveness?
The Transmission of Oil and Food Prices to Consumer Prices – Evidence for the MENA Countries
Current account imbalances in the euro area: Catching up or competitiveness?
Griechenlandhilfe: Überraschend großzügig, überraschend unkonkret: Kommentar
Current account imbalances in the euro area: Catching up or competitiveness?
Ramifications of debt restructuring on the euro area: The example of large European economies΄ exposure to Greece
Ramifications of debt restructuring on the Euroa area: The example of large European economies' exposure to Greece
Ramifications of debt restructuring on the euro area: The example of large European economies' exposure to Greece
Ramifications of Debt Restructuring on the Euro Area – The Example of Large European Economies' Exposure to Greece
Current account imbalances in the euro area: Catching up or competitiveness?
Griechenlandhilfe : Überraschend großzügig, überraschend unkonkret: Kommentar
Did interest rates at the zero lower bound affect lending of commercial banks? Evidence for the euro area
Current account imbalances in the euro area: Catching up or competitiveness?
The Transmission of Oil and Food Prices to Consumer Prices – Evidence for the MENA Countries
Current account imbalances in the euro area: Catching up or competitiveness?
Griechenlandhilfe: Überraschend großzügig, überraschend unkonkret: Kommentar
Current account imbalances in the euro area: Catching up or competitiveness?
Ramifications of debt restructuring on the euro area: The example of large European economies΄ exposure to Greece
Ramifications of debt restructuring on the Euroa area: The example of large European economies' exposure to Greece
Ramifications of debt restructuring on the euro area: The example of large European economies' exposure to Greece