The effect of uncertainty on monetary policy: how good are the brakes?

In most industrial countries, official interest rate changes tend to be 'smooth'. That is, rates are adjusted relatively infrequently and is small steps. Yet the path of interest rates that emerges as optimal from macroeconomic models is, in general, considerably more volatile. So are the...

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Autores principales:	Cagliarini, Adam, Debelle, Guy
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	POLÍTICA MONETARIA TASAS DE INTERÉS MACROECONOMÍA
Acceso en línea:	https://hdl.handle.net/20.500.12580/3655
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spelling	oai-20.500.12580-36552021-04-24T10:58:14Z The effect of uncertainty on monetary policy: how good are the brakes? Cagliarini, Adam Debelle, Guy POLÍTICA MONETARIA TASAS DE INTERÉS MACROECONOMÍA In most industrial countries, official interest rate changes tend to be 'smooth'. That is, rates are adjusted relatively infrequently and is small steps. Yet the path of interest rates that emerges as optimal from macroeconomic models is, in general, considerably more volatile. So are the paths of interest rates implied by simple Taylor-type rules, unless a sufficiently large weight is put on an interest rate smoothing term that penalizes large movements in the policy interest rate. 2019-11-01T00:01:30Z 2019-11-01T00:01:30Z 2002 Artículo 956-7421-099 https://hdl.handle.net/20.500.12580/3655 eng Serieson Central Banking, Analysis, and Economic Policies, no. 4 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 167-195 application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	POLÍTICA MONETARIA TASAS DE INTERÉS MACROECONOMÍA
spellingShingle	POLÍTICA MONETARIA TASAS DE INTERÉS MACROECONOMÍA Cagliarini, Adam Debelle, Guy The effect of uncertainty on monetary policy: how good are the brakes?
description	In most industrial countries, official interest rate changes tend to be 'smooth'. That is, rates are adjusted relatively infrequently and is small steps. Yet the path of interest rates that emerges as optimal from macroeconomic models is, in general, considerably more volatile. So are the paths of interest rates implied by simple Taylor-type rules, unless a sufficiently large weight is put on an interest rate smoothing term that penalizes large movements in the policy interest rate.
format	Artículo
author	Cagliarini, Adam Debelle, Guy
author_facet	Cagliarini, Adam Debelle, Guy
author_sort	Cagliarini, Adam
title	The effect of uncertainty on monetary policy: how good are the brakes?
title_short	The effect of uncertainty on monetary policy: how good are the brakes?
title_full	The effect of uncertainty on monetary policy: how good are the brakes?
title_fullStr	The effect of uncertainty on monetary policy: how good are the brakes?
title_full_unstemmed	The effect of uncertainty on monetary policy: how good are the brakes?
title_sort	effect of uncertainty on monetary policy: how good are the brakes?
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3655
work_keys_str_mv	AT cagliariniadam theeffectofuncertaintyonmonetarypolicyhowgoodarethebrakes AT debelleguy theeffectofuncertaintyonmonetarypolicyhowgoodarethebrakes AT cagliariniadam effectofuncertaintyonmonetarypolicyhowgoodarethebrakes AT debelleguy effectofuncertaintyonmonetarypolicyhowgoodarethebrakes
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The effect of uncertainty on monetary policy: how good are the brakes?

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