Theoretical Conditions under Which Monetary Policies Are Effective and Practical Obstacles to Their Verification
We derive (i) necessary and sufficient and (ii) sufficient conditions for monetary policies to conform to what the literature characterizes as good policies. We show that the biasing effects of omitted variables, measurement errors, and misspecifications of "true" functional forms on the c...
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| Veröffentlicht in: | Economic theory 2005-06, Vol.25 (4), p.999-1005 |
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| container_end_page | 1005 |
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| container_title | Economic theory |
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| creator | Swamy, P. A. V. B. Tavlas, George S. |
| description | We derive (i) necessary and sufficient and (ii) sufficient conditions for monetary policies to conform to what the literature characterizes as good policies. We show that the biasing effects of omitted variables, measurement errors, and misspecifications of "true" functional forms on the coefficients of monetary-policy reaction functions present practical obstacles to verifying such conditions. |
| doi_str_mv | 10.1007/s00199-004-0482-8 |
| format | Article |
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| language | eng |
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| source | Jstor Complete Legacy; Business Source Complete; SpringerLink Journals - AutoHoldings |
| subjects | Coefficients Discourse Economic efficiency Economic theory Error rates Evaluation Exposita Notes Federal Reserve Bank Inflation rates Interest rates Monetary policy Monetary policy rule Monetary theory Policy making Studies Sufficient conditions Variable coefficients Variables Zero |
| title | Theoretical Conditions under Which Monetary Policies Are Effective and Practical Obstacles to Their Verification |
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