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Monetary Policy in Times of Financial Stress.
(University of Glasgow, 2014-07)
Some studies argue that the Fed reacts to financial market developments. Using data covering the period 1985:Q1 - 2008:Q4 and employing an augmented Taylor rule specification, we re-examine that conjecture. We find that ...
An Empirical Assessment of Optimal Monetary Policy Delegation in the Euro Area
(University of Stirling, 2014-11-18)
We estimate a New Keynesian DSGE model for the Euro area under alternative descriptions of monetary policy (discretion, commitment or a simple rule) after allowing for Markov switching in policy maker preferences and shock ...