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Title:Comparing Monetary Policy Strategies : Towards a Generalized Reaction Function PDF Logo
Authors:Hammermann, Felix
Issue Date:2003
Series/Report no.:Kieler Arbeitspapiere 1170
Abstract:There seems to be no consensus in the literature with respect to monetary policy strategies in combination with flexible exchange rate regimes. Therefore, this paper determines what the alternative strategies inflation targeting, Taylor rule, monetary conditions index, and managed floating have in common. The fact that all strategies build on reaction functions which use the short-term interest rate as an important or even the single monetary policy instrument allows a generalized reaction function for all strategies to be derived. Future research may use such a generalized reaction function for describing and determining monetary policy in emerging market economies with flexible exchange rate regimes.
Subjects:Monetary Policy
Inflation Targeting
Taylor Rule
Monetary Conditions Index
Managed Floating
JEL:E42
E58
E52
Document Type:Working Paper
Appears in Collections:Publikationen von Forscherinnen und Forschern des IfW
Kieler Arbeitspapiere, IfW

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