Impact of the Monetary Policy Rules on the Inflation Targeting-Reference-Cited by-同舟云学术

Impact of the Monetary Policy Rules on the Inflation Targeting

Published:2020-03-28 Issue:1 Volume:12 Page:7-30
ISSN:2078-3809
Container-title:Scientific Research of Faculty of Economics. Electronic Journal
language:
Short-container-title:Naučnye issledovaniâ èkonomičeskogo fakulʹteta

Author:

Sarkisyan S. S.¹

Affiliation:

1. The Wharton School of the University of Pennsylvania

Abstract

The standard version of the Taylor rule includes the inflation gap and the GDP gap in the right-hand side. I describe a modified version of it, where the exchange rate growth also determines the interest rate change. I estimate this version for a number of IT and non-IT countries in the periods before and after the financial crisis of 2008. First, countries of both groups are leading the similar politics post 2008. Second, if a central bank pays more attention to the inflation gap and GDP growth, it has a higher probability of an inflation target achievement.

Publisher

Faculty of Economics, Lomonosov Moscow State University

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