中央银行的目标、货币政策规则和有限信息

IF 1.3 3区 经济学 Q3 ECONOMICS Journal of Macroeconomics Pub Date : 2024-05-07 DOI:10.1016/j.jmacro.2024.103604
Jonathan Benchimol
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引用次数: 0

摘要

自全球金融危机以来,关于小型开放经济体(SOE)中央银行遵循和应该遵循的货币政策规则出现了激烈的争论。本研究通过确定最符合历史数据且能使央行损失函数最小化的货币政策规则,为这一争论做出了贡献。我们利用以色列 1994 年至 2019 年的数据,在各种货币政策规则下估计了一个中等规模的微观基础国有企业模型。我们的结果表明,简单的通货膨胀目标制(IT)规则比以汇率为目标的混合规则更合适。考虑到中央银行的目标、冲击的不确定性和有限的信息,在过去三十年中,名义收入目标规则可能比 IT 规则更可取。
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Central bank objectives, monetary policy rules, and limited information

Since the Global Financial Crisis, a lively debate has emerged regarding the monetary policy rule the central bank of a small open economy (SOE) follows and should follow. By identifying the monetary policy rule that best fits historical data and minimizes central bank loss functions, this study contributes to this debate. We estimate a medium-scale micro-founded SOE model under various monetary policy rules using Israeli data from 1994 to 2019. Our results show that simple inflation targeting (IT) rules are more appropriate than hybrid rules targeting the exchange rate. Given central bank goals, shock uncertainty, and limited information, nominal income targeting rules may have been more desirable over the last three decades than IT rules.

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来源期刊
CiteScore
2.50
自引率
7.10%
发文量
53
审稿时长
76 days
期刊介绍: Since its inception in 1979, the Journal of Macroeconomics has published theoretical and empirical articles that span the entire range of macroeconomics and monetary economics. More specifically, the editors encourage the submission of high quality papers that are concerned with the theoretical or empirical aspects of the following broadly defined topics: economic growth, economic fluctuations, the effects of monetary and fiscal policy, the political aspects of macroeconomics, exchange rate determination and other elements of open economy macroeconomics, the macroeconomics of income inequality, and macroeconomic forecasting.
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