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Record Nr. |
UNINA9910788310703321 |
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Autore |
Choi Woon |
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Titolo |
Dissecting Taylor Rules in a Structural VAR / / Woon Choi, Yi Wen |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2010 |
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ISBN |
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1-4623-1640-9 |
9786612845284 |
1-4527-0464-3 |
1-4519-6229-0 |
1-282-84528-4 |
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Descrizione fisica |
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Collana |
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Altri autori (Persone) |
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Soggetti |
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Monetary policy - Mathematical models |
Taylor's rule |
Banks and Banking |
Inflation |
Macroeconomics |
Economic Theory |
Model Construction and Estimation |
Monetary Policy |
Price Level |
Deflation |
Macroeconomics: Production |
Agriculture: Aggregate Supply and Demand Analysis |
Prices |
Interest Rates: Determination, Term Structure, and Effects |
Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) |
Economic theory & philosophy |
Banking |
Economic growth |
Production growth |
Supply shocks |
Central bank policy rate |
Business cycles |
Production |
Economic theory |
Financial services |
Supply and demand |
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Interest rates |
United States |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Bibliographic Level Mode of Issuance: Monograph |
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Nota di bibliografia |
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Includes bibliographical references. |
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Sommario/riassunto |
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This paper uncovers Taylor rules from estimated monetary policy reactions using a structural VAR on U.S. data from 1959 to 2009. These Taylor rules reveal the dynamic nature of policy responses to different structural shocks. We find that U.S. monetary policy has been far more responsive over time to demand shocks than to supply shocks, and more aggressive toward inflation than output growth. Our estimated dynamic policy coefficients characterize the style of policy as a "bang-bang" control for the pre-1979 period and as a gradual control for the post-1979 period. |
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