LEADER 05494oam 22012854 450 001 9910973988603321 005 20250426110851.0 010 $a9786612845284 010 $a9781462316403 010 $a1462316409 010 $a9781452704647 010 $a1452704643 010 $a9781451962291 010 $a1451962290 010 $a9781282845282 010 $a1282845284 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(IMF)WPIEA2010020 035 $aWPIEA2010020 035 $a(EXLCZ)993170000000055420 100 $a20020129d2010 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aDissecting Taylor Rules in a Structural VAR /$fWoon Choi, Yi Wen 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2010. 215 $a26 p. $cill 225 1 $aIMF Working Papers 300 $aBibliographic Level Mode of Issuance: Monograph 311 08$a9781451918687 311 08$a1451918682 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 Papers; Working Paper ;$vNo. 2010/020 606 $aMonetary policy$xMathematical models 606 $aTaylor's rule 606 $aAgriculture: Aggregate Supply and Demand Analysis$2imf 606 $aBanking$2imf 606 $aBanks and Banking$2imf 606 $aBusiness cycles$2imf 606 $aCentral bank policy rate$2imf 606 $aDeflation$2imf 606 $aEconomic growth$2imf 606 $aEconomic theory & philosophy$2imf 606 $aEconomic Theory$2imf 606 $aEconomic theory$2imf 606 $aFinancial services$2imf 606 $aInflation$2imf 606 $aInterest rates$2imf 606 $aInterest Rates: Determination, Term Structure, and Effects$2imf 606 $aMacroeconomics$2imf 606 $aMacroeconomics: Production$2imf 606 $aModel Construction and Estimation$2imf 606 $aMonetary Policy$2imf 606 $aPrice Level$2imf 606 $aPrices$2imf 606 $aPrices, Business Fluctuations, and Cycles: General (includes Measurement and Data)$2imf 606 $aProduction growth$2imf 606 $aProduction$2imf 606 $aSupply and demand$2imf 606 $aSupply shocks$2imf 607 $aUnited States$2imf 615 0$aMonetary policy$xMathematical models. 615 0$aTaylor's rule. 615 7$aAgriculture: Aggregate Supply and Demand Analysis 615 7$aBanking 615 7$aBanks and Banking 615 7$aBusiness cycles 615 7$aCentral bank policy rate 615 7$aDeflation 615 7$aEconomic growth 615 7$aEconomic theory & philosophy 615 7$aEconomic Theory 615 7$aEconomic theory 615 7$aFinancial services 615 7$aInflation 615 7$aInterest rates 615 7$aInterest Rates: Determination, Term Structure, and Effects 615 7$aMacroeconomics 615 7$aMacroeconomics: Production 615 7$aModel Construction and Estimation 615 7$aMonetary Policy 615 7$aPrice Level 615 7$aPrices 615 7$aPrices, Business Fluctuations, and Cycles: General (includes Measurement and Data) 615 7$aProduction growth 615 7$aProduction 615 7$aSupply and demand 615 7$aSupply shocks 676 $a332.15238 700 $aChoi$b Woon$01815855 701 $aWen$b Yi$01816086 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910973988603321 996 $aDissecting Taylor Rules in a Structural VAR$94371728 997 $aUNINA