Open economy inflation targeting arrangements and monetary policy rules

2008 ◽  
Vol 1 (2) ◽  
pp. 237-251 ◽  
Author(s):  
Tony Cavoli ◽  
Ramkishen S. Rajan
Keyword(s):  
Monetary Policy ◽  
Open Economy ◽  
Inflation Targeting ◽  
Policy Rules ◽  
Monetary Policy Rules

scholarly journals Monetary Policy Rules in Emerging ASEAN Economies

2021 ◽  
Vol 12 (3) ◽  
pp. 255-274
Author(s):  
Mesa Wanasilp
Keyword(s):  
Monetary Policy ◽  
Method Of Moments ◽  
Inflation Targeting ◽  
Generalized Method Of Moments ◽  
The Philippines ◽  
Policy Implications ◽  
Output Gap ◽  
Policy Rules ◽  
Monetary Policy Rules ◽  
The Difference

This paper examines the monetary policy rules for five emerging ASEAN economies—Indonesia, the Philippines, and Thailand as the adopters of inflation targeting (IT) and Malaysia and Vietnam as the non-IT adopters. For the methodology, this study applies a generalized method of moments that provides a consistent and efficient estimator for the estimation that contains endogenously determined variables. The questions are whether the rules of the IT adopters have fulfilled the Taylor principle and what has been the difference in the rules between the IT adopters and the non-IT adopters. The main findings are as follows: Regarding the IT adopters, their rules are characterized by inflation-responsive rules fulfilling the Taylor principle. As for the non-IT adopters, Malaysia follows solely an output-gap responsive rule, and Vietnam exhibits the mixed rules. The policy implications are that for the IT adopters there might be room to make their policy-rate responses more elastic to inflation, and that for the non-IT adopters, there would be a need to adopt an explicit IT framework.

scholarly journals Monetary Policy Rules in a Small Open Economy: An Application to Mexico

2012 ◽  
Vol 15 (2) ◽  
pp. 259-286 ◽  
Author(s):  
Rodolfo Cermeño ◽  
F. Alejandro Villagómez ◽  
Javier Orellana Polo
Keyword(s):  
Monetary Policy ◽  
Open Economy ◽  
Small Open Economy ◽  
Policy Rules ◽  
Monetary Policy Rules

scholarly journals Asymmetric Monetary Policy Rules for an Open Economy: Evidence from Canada and the UK

2016 ◽  
Vol 21 (3) ◽  
pp. 279-293 ◽  
Author(s):  
Mustafa Caglayan ◽  
Zainab Jehan ◽  
Kostas Mouratidis
Keyword(s):  
Monetary Policy ◽  
Open Economy ◽  
Policy Rules ◽  
Monetary Policy Rules ◽  
The Uk
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