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Record Nr. |
UNINA9910818982603321 |
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Autore |
Choi Woon Gyu <1960-> |
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Titolo |
Dissecting Taylor rules in a structural VAR / / Woon Gyu Choi and 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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Edizione |
[1st ed.] |
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Descrizione fisica |
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Collana |
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IMF working paper ; ; WP/10/20 |
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Altri autori (Persone) |
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Disciplina |
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Soggetti |
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Monetary policy - Mathematical models |
Taylor's rule |
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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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Nota di contenuto |
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Intro -- Contents -- I. Introduction -- II. Econometric Framework for New Taylor Rules -- A. Identification -- B. Uncovering New Taylor Rules -- III. Empirical Results -- A. Data -- B. Impulse Responses and Historical Decompositions -- C. Spectra of Structural Shocks -- D. Uncovering and Dissecting Taylor Rules -- IV. Counterfactual Experiments -- V. Conclusion -- References -- Tables -- 1. Spectral Decompositions of Volatility at Frequency Ranges -- 2. Policy Coefficients in New Taylor Rules -- 3. Conventional Taylor Rules: GMM Estimation -- Figures -- 1. Output Growth, Inflation, and Interest Rate -- 2. Impulse Responses to Shocks -- 3. Historical Decompositions of Variables by Shocks and Distributions -- 4. Time Profiles of Taylor Rule Coefficients -- 5. Effects of the Contemporaneous Rule: Counterfactual Simulation -- 6. Impacts of the Contemporaneous Rule on Variance: Spectral Decomposition. |
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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 |
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