Optimal and conditionally optimal targeting rules for small open economies
Richard Dennis, Australian National University. Faculty of Economics and Commerce, Australian National University. Research School of Social Sciences. Economics Program
Faculty of Economics & Commerce, and Economics Program, Research School of Social Sciences, Australian National University, 1999 - 42 pages
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agents Australian National University central bank conditional rule conditionally optimal rules consumer price inflation direct exchange rate domestic variables efficiency frontier equation exchange rate pass-through expectations are formed foreign economy foreign inflation foreign monetary authority foreign output gap foreign sector fully optimal rule Gap and Consumer gap and nontradables Henderson and McKibbin impulse response functions inflation expectations inflation rate inflation's variance inflationary pressures loss function markets form matrix McKibbin rule Monetary Conditions Indicators nominal exchange rate nominal interest rate nontradables inflation targeting operational target optimal policy reaction optimal policy rules Papers in Economics performance Phillips curve policy makers policy reaction function portfolio preference shock rate pass-through coefficient real exchange rate Richard Dennis rule five rule four rule three Rules for Model Shock Output simple rules small open economy specifications supply shock Table Bl Taylor rule tradable goods prices Unconditional Variances variance of consumer Variance of Output yt-i