Monetary Policy Rules in Practice: Some International Evidence

# Monetary Policy Rules in Practice: Some International Evidence > OpenAlex Metadata Hub · https://openalex.org/W2741645584 ## Bibliographic - **DOI:** 10.3386/w6254 - **Year:** 1997 - **Citations:** 609 - **Open Access:** Yes (green) - **License:** — - **Source:** https://doi.org/10.3386/w6254 ## Authors - Richard H. Clarida - Jordi Gaĺı - Mark Gertler ## Abstract This paper reports estimates monetary policy reaction functions for two sets of countries: the G3 (Germany, Japan, and the U.S.) and the E3 (UK, France that since 1979 each the G3 central banks has pursued an implicit form inflation targeting which may account for the broad success monetary policy in those countries over this period. The evidence also suggests that these central banks have been forward looking: they respond anticipated inflation as opposed lagged inflation. As for the E3 emergence the influenced by German monetary Further, using the Bundesbank's policy rule as a benchmark time the EMS collapse, interest rates in each the E3 countries were much higher than domestic macroeconomic conditions warranted. Taken all together, the results lend support to the view that some form inflation targeting may under certain circumstances be superior to fixing exchange rates, as a means gain a nominal anchor for monetary policy. ## Keywords Monetary policy, Economics, Monetary economics, Macroeconomics, International economics ## Concepts - Monetary policy - Economics - Monetary economics - Macroeconomics - International economics --- *Metadata only — full text not imported unless Open Access license permits.*

Bài “Monetary Policy Rules in Practice: Some International Evidence” được TradingBase chuyển thành Knowledge Product cho trader — không phải trang đọc abstract OpenAlex. Tóm lược học thuật (đã diễn giải): This paper reports estimates monetary policy reaction functions for two sets of countries: the G3 (Germany, Japan, and the U.S.) and the E3 (UK, France that since 1979 each the G3 central banks has pursued an implicit form inflation targeting which may account for the broad success monetary policy in those countries over this period. The evidence also suggests that these central banks have been forward looking: they respond anticipated inflation as opposed lagged inflation. As for the E3 emergence the influenced by German monetary Further, using the Bundesbank's policy rule as a benchmark time the EMS collapse, interest rates in each the E3 countries were much higher than domestic macroeconomic conditions warranted. Taken all together, the results lend support to the view that some form inflation targeting may under certain circumstances be superior to fixing exchange rates, as a means g… Phần Trading Insights bên dưới nối nghiên cứu với Forex, vàng, USD, lãi suất và risk regime — để bạn đưa vào journal và playbook. Metadata DOI/OA chỉ là rail tham chiếu; nội dung chính là summary, takeaways và ứng dụng thị trường do Content Factory sinh.