Forward-Looking Monetary Policy Rule and Economic Stability
| Autor: | Syed Kashif Saeed, Khalid Riaz |
|---|---|
| Rok vydání: | 2011 |
| Předmět: |
Monetarism
Inflation targeting Keynesian economics media_common.quotation_subject Monetary policy Sample (statistics) Monetary economics Monetary hegemony Forward guidance Credit channel State (polity) Forward looking New Keynesian economics Economics General Earth and Planetary Sciences Emerging markets Economic stability Monetary base General Environmental Science Generalized method of moments media_common |
| Zdroj: | SSRN Electronic Journal. |
| ISSN: | 1556-5068 |
| DOI: | 10.2139/ssrn.1925370 |
| Popis: | A forward looking monetary policy rule has been estimated for the time period from 1991 to 2010 for Pakistan, an emerging economy. The estimated model explains a very clear shift in monetary policy objective across the sample period. State Bank of Pakistan, from 2000 onwards, seems to take insufficient measures for curtaining inflationary pressure. We also simulate a new Keynesian model to investigate the impact of such monetary policies. We show that policies in near past had a destabilizing effect on economy. Key words: Monetary policy, forward looking monetary policy rule, generalized method of moments, accommodative monetary policy. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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