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Monetary Policy Is Not Always Systematic and Data-Driven: Evidence from the Yield Curve
Mr.Ales BulirMr.Jan Vlcek
出版International Monetary Fund, 2020-01-17
主題Business & Economics / Banks & BankingBusiness & Economics / InflationBusiness & Economics / Foreign Exchange
ISBN15135220199781513522012
URLhttp://books.google.com.hk/books?id=3skaEAAAQBAJ&hl=&source=gbs_api
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註釋Does monetary policy react systematically to macroeconomic innovations? In a sample of 16 countries – operating under various monetary regimes – we find that monetary policy decisions, as expressed in yield curve movements, do react to macroeconomic innovations and these reactions reflect the monetary policy regime. While we find evidence of the primacy of the price stability objective in the inflation targeting countries, links to inflation and the output gap are generally weaker and less systematic in money-targeting and multiple-objective countries.