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政大機構典藏 > 商學院 > 金融學系 > 期刊論文 > Item 140.119/78989

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/78989

Title:	Monetary Policy Index and Policy Reaction Function
Authors:	Shen, Chung-Hua;Chen, Hua-Ron 沈中華
Contributors:	金融系
Keywords:	Interest Rates;Interest;Monetary Base;Monetary Policy;Monetary;Money;Policy;Supply
Date:	1996-12
Issue Date:	2015-10-19 11:52:49 (UTC+8)
Abstract:	Endogenity and inconsistency are two problems that arise when the conventional money market variables, such as money supply, monetary base, and non-borrowed reserve and short interest rates, are used as the proxy for monetary policy. This paper uses the narrative approach to build up a monetary policy index. This index is then employed to examine the central bank reaction function, of which linear and nonlinear forms are considered. Our results show that the monetary policy reacts differently to the inflation rate and real output when economic conditions are different. Strong responses are discovered when the inflation rate and output are above their corresponding tolerance level of the central bank.
Relation:	Academia Economic Papers, 24(4), 559-590
Data Type:	article
Appears in Collections:	[金融學系] 期刊論文

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