| Autor: |
Hiroyuki Taguchi, Ganbayar Gunbileg |
| Jazyk: |
angličtina |
| Rok vydání: |
2020 |
| Předmět: |
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| Zdroj: |
International Journal of Financial Studies, Vol 8, Iss 4, p 71 (2020) |
| Druh dokumentu: |
article |
| ISSN: |
2227-7072 |
| DOI: |
10.3390/ijfs8040071 |
| Popis: |
This article aims to examine the monetary policy rule under an inflation targeting in Mongolia with a focus on its conformity to the Taylor principle, through two kinds of approaches: a monetary policy reaction function by the generalized-method-of-moments (GMM) estimation and a New Keynesian dynamic stochastic general equilibrium (DSGE) model with a small open economy version by the Bayesian estimation. The main findings are summarized as follows. First, the GMM estimation identified an inflation-responsive rule fulfilling the Taylor principle in the recent phase of the Mongolian inflation targeting. Second, the DSGE-model estimation endorsed the GMM estimation by producing a consistent outcome on the Mongolian monetary policy rule. Third, the Mongolian rule was estimated to have a weaker response to inflation than the rules of the other emerging Asian adopters of an inflation targeting. |
| Databáze: |
Directory of Open Access Journals |
| Externí odkaz: |
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