The relationship between price and financial stability in new monetary policy designs: the case of the US using the TVP-SVAR model

Abstract: This study aims to explain the relationship between price and financial stability in monetary policy designs that have developed since the 1990s and to empirically examine the relationship between price and financial stability in the monetary policy designs of the US. To this effect, the s...

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Autores principales:	Çelik,Ali Kemal, Yalçinkaya,Ömer, Emsen,Hatira Sadeghzadeh
Lenguaje:	English
Publicado:	Universidad de Chile. Departamento de Economía 2021
Materias:	Monetary policy designs new environment hypothesis US TVP-SVAR
Acceso en línea:	http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-52862021000200249
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spelling	oai:scielo:S0718-528620210002002492021-11-17The relationship between price and financial stability in new monetary policy designs: the case of the US using the TVP-SVAR modelÇelik,Ali KemalYalçinkaya,ÖmerEmsen,Hatira Sadeghzadeh Monetary policy designs new environment hypothesis US TVP-SVAR Abstract: This study aims to explain the relationship between price and financial stability in monetary policy designs that have developed since the 1990s and to empirically examine the relationship between price and financial stability in the monetary policy designs of the US. To this effect, the study examines the time-varying structure of the relationship between price and financial stability in the US, where monetary policies are designed to achieve price stability, full employment and moderate long-term interest rate targets using the TVP-SVAR model for the period 1993:12-2020:12. The results of the study demonstrate the presence of a reciprocal relationship within the scope of the new environment hypothesis, which varies over time between price and financial stability in the US over the study period. These results broadly suggest the necessity of redesigning monetary policies in the US based on the propositions of the new environment hypothesis and considering the varying structure of the relationships, symmetrical or asymmetrical, between monetary and financial stability variables over time.info:eu-repo/semantics/openAccessUniversidad de Chile. Departamento de EconomíaEstudios de economía v.48 n.2 20212021-07-01text/htmlhttp://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-52862021000200249en10.4067/S0718-52862021000200249
institution	Scielo Chile
collection	Scielo Chile
language	English
topic	Monetary policy designs new environment hypothesis US TVP-SVAR
spellingShingle	Monetary policy designs new environment hypothesis US TVP-SVAR Çelik,Ali Kemal Yalçinkaya,Ömer Emsen,Hatira Sadeghzadeh The relationship between price and financial stability in new monetary policy designs: the case of the US using the TVP-SVAR model
description	Abstract: This study aims to explain the relationship between price and financial stability in monetary policy designs that have developed since the 1990s and to empirically examine the relationship between price and financial stability in the monetary policy designs of the US. To this effect, the study examines the time-varying structure of the relationship between price and financial stability in the US, where monetary policies are designed to achieve price stability, full employment and moderate long-term interest rate targets using the TVP-SVAR model for the period 1993:12-2020:12. The results of the study demonstrate the presence of a reciprocal relationship within the scope of the new environment hypothesis, which varies over time between price and financial stability in the US over the study period. These results broadly suggest the necessity of redesigning monetary policies in the US based on the propositions of the new environment hypothesis and considering the varying structure of the relationships, symmetrical or asymmetrical, between monetary and financial stability variables over time.
author	Çelik,Ali Kemal Yalçinkaya,Ömer Emsen,Hatira Sadeghzadeh
author_facet	Çelik,Ali Kemal Yalçinkaya,Ömer Emsen,Hatira Sadeghzadeh
author_sort	Çelik,Ali Kemal
title	The relationship between price and financial stability in new monetary policy designs: the case of the US using the TVP-SVAR model
title_short	The relationship between price and financial stability in new monetary policy designs: the case of the US using the TVP-SVAR model
title_full	The relationship between price and financial stability in new monetary policy designs: the case of the US using the TVP-SVAR model
title_fullStr	The relationship between price and financial stability in new monetary policy designs: the case of the US using the TVP-SVAR model
title_full_unstemmed	The relationship between price and financial stability in new monetary policy designs: the case of the US using the TVP-SVAR model
title_sort	relationship between price and financial stability in new monetary policy designs: the case of the us using the tvp-svar model
publisher	Universidad de Chile. Departamento de Economía
publishDate	2021
url	http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-52862021000200249
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The relationship between price and financial stability in new monetary policy designs: the case of the US using the TVP-SVAR model

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