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@inproceedings{556315, author = {Pytelová, Hana}, address = {Brno}, booktitle = {DATASTAT 2003 Proceedings}, keywords = {monetary policy; discretion; forward-looking model; adaptive expectations; inflation targeting; Iterative Extended Kalman Filter Smoother}, language = {eng}, location = {Brno}, isbn = {80-210-3564-1}, pages = {325-334}, publisher = {Masaryk University}, title = {Estimation of the Czech Economy Monetary Policy Rule under Discretion}, year = {2004} }
TY - JOUR ID - 556315 AU - Pytelová, Hana PY - 2004 TI - Estimation of the Czech Economy Monetary Policy Rule under Discretion PB - Masaryk University CY - Brno SN - 8021035641 KW - monetary policy KW - discretion KW - forward-looking model KW - adaptive expectations KW - inflation targeting KW - Iterative Extended Kalman Filter Smoother N2 - This paper shows the optimal monetary policy rule problem in theoretical frameworks based on the work of R. Clarida, J. Gali and M. Gertler (1999). The policy design problem is to characterize how should the interest rate adjust to the current state of the economy. Optimal monetary policy rule is derived. Inflation targeting is incorporated then. The behaviour of the models is illustrated on the Czech economy data. Model parameters are estimated simultaneously by the "Iterative Extended Kalman Filter Smoother". Impulse responses are tested and results are economically interpreted. ER -
PYTELOVÁ, Hana. Estimation of the Czech Economy Monetary Policy Rule under Discretion. In \textit{DATASTAT 2003 Proceedings}. Brno: Masaryk University, 2004, s.~325-334, 9 s. ISBN~80-210-3564-1.
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