Asymmetric Monetary Policy Rules for an Open Economy: Evidence from Canada and the UK

Autor:	Kostas Mouratidis, Mustafa Caglayan, Zainab Jehan
Rok vydání:	2016
Předmět:	Macroeconomics Economics and Econometrics 050208 finance Central bank Accounting 0502 economics and business 05 social sciences Monetary policy Economics Open economy 050207 economics Robustness (economics) Finance
Zdroj:	International Journal of Finance & Economics. 21:279-293
ISSN:	1076-9307
DOI:	10.1002/ijfe.1547
Popis:	We present an analytical framework to examine the open economy monetary policy rule of a central bank under asymmetric preferences. The resulting policy rule is then empirically examined using quarterly data with regard to Canada and the UK from 1983q1 to 2007q4. Our empirical investigation shows that the open economy policy rule receives support from the data and that the monetary policy makers in the UK and Canada have asymmetric preferences. Robustness checks based on model calibration provide support for the suggested policy rule.
Databáze:	OpenAIRE
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