...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Journal of Economic Dynamics and Control >Nonlinearities, smoothing and countercyclical monetary policy
【24h】

Nonlinearities, smoothing and countercyclical monetary policy

机译：非线性，平滑和反周期货币政策

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

Empirical analysis of the Fed's monetary policy behavior suggests that the Fed smooths interest rates that is, the Fed moves the federal funds rate target in several small steps instead of one large step with the same magnitude. We evaluate the effect of countercyclical policy by estimating a Vector Autoregression (VAR) with regime switching. Because the size of the policy shock is important in our model, we can evaluate the effect of smoothing the interest rate on the path of macro variables. Our model also allows for variation in transition probabilities across regimes, depending on the level of output growth. Thus, changes in the stance of monetary policy affect the macroeconomic variables in a nonlinear way, both directly and indirectly through the state of the economy. We also incorporate a factor summarizing overall sentiment into the VAR to determine if sentiment changes substantially around turning points and whether they are indeed important to understanding the effects of policy. (C) 2018 Elsevier B.V. All rights reserved.
机译：对美联储货币政策行为的实证分析表明，美联储将利率平滑化，也就是说，美联储将联邦基金利率目标分几步小幅地移动，而不是大步迈进。我们通过使用体制切换估计向量自回归（VAR）来评估反周期政策的效果。因为政策冲击的规模在我们的模型中很重要，所以我们可以评估平滑利率对宏观变量路径的影响。我们的模型还允许跨体制的过渡概率变化，具体取决于产出增长水平。因此，货币政策立场的变化直接或间接地通过经济状况以非线性方式影响宏观经济变量。我们还将汇总总体情绪的因素纳入VAR，以确定情绪是否在转折点附近发生重大变化，以及它们对于理解政策效果是否确实重要。 （C）2018 Elsevier B.V.保留所有权利。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号