Comparing Monetary Policy Strategies: Towards a Generalized Reaction Function

Arbeitspapier

There seems to be no consensus in the literature with respect to monetary policy strategies in combination with flexible exchange rate regimes. Therefore, this paper determines what the alternative strategies inflation targeting, Taylor rule, monetary conditions index, and managed floating have in common. The fact that all strategies build on reaction functions which use the short-term interest rate as an important or even the single monetary policy instrument allows a generalized reaction function for all strategies to be derived. Future research may use such a generalized reaction function for describing and determining monetary policy in emerging market economies with flexible exchange rate regimes.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Kiel Working Paper ; No. 1170

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems ; Central Banks and Their Policies ; Monetary Policy
• Thema: Monetary Policy ; Inflation Targeting ; Taylor Rule ; Monetary Conditions Index ; Managed Floating ; Geldpolitik ; Geldpolitisches Ziel ; Flexibler Wechselkurs ; Vergleich ; Theorie ; Reaktionsfunktion

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Hammermann, Felix
• Ereignis: Veröffentlichung
• (wer): Kiel Institute for World Economics (IfW)
• (wo): Kiel
• (wann): 2003

Weitere Informationen

• Handle: http://hdl.handle.net/10419/17692
• Letzte Aktualisierung: 10.03.2025, 11:43 MEZ