LEADER 03265nam 2200613Ia 450 001 9910818982603321 005 20200520144314.0 010 $a1-4623-1640-9 010 $a9786612845284 010 $a1-4527-0464-3 010 $a1-4519-6229-0 010 $a1-282-84528-4 035 $a(CKB)3170000000055420 035 $a(SSID)ssj0000940123 035 $a(PQKBManifestationID)11553622 035 $a(PQKBTitleCode)TC0000940123 035 $a(PQKBWorkID)10946635 035 $a(PQKB)10661954 035 $a(OCoLC)503317065 035 $a(IMF)WPIEE2010020 035 $a(MiAaPQ)EBC1606080 035 $a(EXLCZ)993170000000055420 100 $a20100902d2010 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aDissecting Taylor rules in a structural VAR /$fWoon Gyu Choi and Yi Wen 205 $a1st ed. 210 $a[Washington, D.C.] $cInternational Monetary Fund$d2010 215 $a26 p. $cill 225 1 $aIMF working paper ;$vWP/10/20 300 $aBibliographic Level Mode of Issuance: Monograph 311 $a1-4519-1868-2 320 $aIncludes bibliographical references. 327 $aIntro -- 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. 330 3 $aThis paper uncovers Taylor rules from estimated monetary policy reactions using a structural VAR on U.S. data from 1959 to 2009. These Taylor rules reveal the dynamic nature of policy responses to different structural shocks. We find that U.S. monetary policy has been far more responsive over time to demand shocks than to supply shocks, and more aggressive toward inflation than output growth. Our estimated dynamic policy coefficients characterize the style of policy as a "bang-bang" control for the pre-1979 period and as a gradual control for the post-1979 period. 410 0$aIMF working paper ;$vWP/10/20. 606 $aMonetary policy$xMathematical models 606 $aTaylor's rule 615 0$aMonetary policy$xMathematical models. 615 0$aTaylor's rule. 676 $a332.15238 700 $aChoi$b Woon Gyu$f1960-$01755885 701 $aWen$b Yi$01721324 712 02$aInternational Monetary Fund. 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910818982603321 996 $aDissecting Taylor rules in a structural VAR$94192876 997 $aUNINA