平静和动荡时期货币政策传导的证据

Q2 Economics, Econometrics and Finance Buletin Ekonomi Moneter dan Perbankan Pub Date : 2019-10-31 DOI:10.21098/bemp.v22i3.1111

C. Nwosu, Afees A. Salisu, Margaret J. Hilili, I. I. Okafor, Izuchukwu Oji-Okoro, I. Adediran

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引用次数: 4

摘要

本文评估了墨西哥、印度尼西亚、尼日利亚和土耳其在平静和动荡时期的货币政策传导。使用结构向量自回归模型，我们发现，与印度尼西亚和土耳其相比，来自供给、需求和金融来源的结构性冲击对尼日利亚和墨西哥的影响往往会更快地消失。另一个重要发现是，尽管印尼和土耳其的货币当局对通胀反应更积极，但墨西哥和尼日利亚的货币当局更容易受到汇率的影响。我们还观察到，在平静时期和动荡时期，货币政策的实施存在差异。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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EVIDENCE ON MONETARY POLICY TRANSMISSION DURING TRANQUIL AND TURBULENT PERIODS

This paper evaluates monetary policy transmission in both tranquil and turbulentperiods for Mexico, Indonesia, Nigeria, and Turkey. Using a structural vectorautoregressive model, we find that the effect of structural shocks from supply, demand,and financial sources tend to fizzle out faster for Nigeria and Mexico compared toIndonesia and Turkey. Another important finding is that while monetary authoritiesin Indonesia and Turkey are more responsive to inflation those in Mexico and Nigeriaare more influenced by the exchange rate. We also observe differences in the conductof monetary policy between the tranquil and turbulent periods.

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