A VAR Analysis of the Analysis of the Effects of Monetary Policy in East AsiaBank for International Settlements, Monetary and Economic Department, 2002 - Foreign exchange administration - 23 pages |
Common terms and phrases
11 Response 25 30 Response 30 35 Response Asian crisis Asian financial crisis Bernanke and Mihov central banks commodity price index contemporaneously contractionary monetary policy CPI Response currency dynamic responses East Asia East Asian economies effective exchange rate effects of monetary equation exchange rate responses exogenous monetary policy fall significantly full sample identify imposed impulse response functions Indonesia innovations interbank rate interest rate rises Korea monetary aggregates monetary authority monetary policy instrument monetary policy shock monetary theory monetary transmission mechanism MONEY Response nominal effective exchange non-policy block non-policy variables OUTPUT Figure PCOM Philippines policy rate policy variables predictions of monetary price puzzle found Response of CPI Response of MONEY Response of OUTPUT Response of PFX Response of PRICE Response of RON Response of XR sample period sample that ends seven economies short-term interest rate subsample T T T T T T Taiwan Thailand tightening shock TTTTTT XR Response