05494oam 22012854 450 991097398860332120250426110851.0978661284528497814623164031462316409978145270464714527046439781451962291145196229097812828452821282845284(CKB)3170000000055420(SSID)ssj0000940123(PQKBManifestationID)11553622(PQKBTitleCode)TC0000940123(PQKBWorkID)10946635(PQKB)10661954(OCoLC)503317065(IMF)WPIEE2010020(MiAaPQ)EBC1606080(IMF)WPIEA2010020WPIEA2010020(EXLCZ)99317000000005542020020129d2010 uf 0engurcn|||||||||txtccrDissecting Taylor Rules in a Structural VAR /Woon Choi, Yi Wen1st ed.Washington, D.C. :International Monetary Fund,2010.26 p. illIMF Working PapersBibliographic Level Mode of Issuance: Monograph9781451918687 1451918682 Includes bibliographical references.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.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.IMF Working Papers; Working Paper ;No. 2010/020Monetary policyMathematical modelsTaylor's ruleAgriculture: Aggregate Supply and Demand AnalysisimfBankingimfBanks and BankingimfBusiness cyclesimfCentral bank policy rateimfDeflationimfEconomic growthimfEconomic theory & philosophyimfEconomic TheoryimfEconomic theoryimfFinancial servicesimfInflationimfInterest ratesimfInterest Rates: Determination, Term Structure, and EffectsimfMacroeconomicsimfMacroeconomics: ProductionimfModel Construction and EstimationimfMonetary PolicyimfPrice LevelimfPricesimfPrices, Business Fluctuations, and Cycles: General (includes Measurement and Data)imfProduction growthimfProductionimfSupply and demandimfSupply shocksimfUnited StatesimfMonetary policyMathematical models.Taylor's rule.Agriculture: Aggregate Supply and Demand AnalysisBankingBanks and BankingBusiness cyclesCentral bank policy rateDeflationEconomic growthEconomic theory & philosophyEconomic TheoryEconomic theoryFinancial servicesInflationInterest ratesInterest Rates: Determination, Term Structure, and EffectsMacroeconomicsMacroeconomics: ProductionModel Construction and EstimationMonetary PolicyPrice LevelPricesPrices, Business Fluctuations, and Cycles: General (includes Measurement and Data)Production growthProductionSupply and demandSupply shocks332.15238Choi Woon1815855Wen Yi1816086International Monetary Fund.DcWaIMFBOOK9910973988603321Dissecting Taylor Rules in a Structural VAR4371728UNINA