Has Monetary Policy Become More Efficient? A Cross‐Country Analysis
Bibliographic Data
| ID | 9717282 |
|---|---|
| Authors | Stephen G Cecchetti (Brandeis University, National Bureau of Economic Research), Alfonso Flores‐Lagunes (0000-0001-7996-7617, University of Arizona), Stefan Krause (0000-0003-2521-2248, Emory University) |
| Year | 2006 |
| Volume | 116 |
| Issue | 511 |
| Pages | 408-433 |
| Publication date | 2006-04-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic Journal (JOURNAL) |
| Journal identifiers | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/j.1468-0297.2006.01086.x |
| OpenAlex | W2030297475 |
| Language | EN |
| Citations received | 5 |
| References cited | 10 |
Over the past 20 years, macroeconomic performance has improved in industrialised and developing countries alike. In a broad cross-section of countries inflation volatility has fallen markedly while output variability has either fallen or risen only slightly. This increased stability can be attributed to some combination of more efficient monetary policy making, a reduction in the variability of supply shocks, and changes in the structure of the economy. We develop a method for allocating performance changes among these factors. For 21 of the 24 countries we study, more efficient monetary policy has been the driving force behind improved performance. Copyright 2006 Royal Economic Society
Developing country · Econometrics · Economic growth · Economics · Inflation (cosmology · Inflation targeting · International economics · Macroeconomics · Monetary economics · Monetary policy · Volatility (finance · Fiscal Policies and Political Economy · Global Financial Crisis and Policies · Monetary Policy and Economic Impact
The stability of government bond markets’ equilibrium and the interdependence of lending rates
Does one size fit all in the Euro Area? Some counterfactual evidence
Competition, Globalization, and the Decline of Inflation
L’impact de la crise financière sur la performance de la politique monétaire conventionnelle de la zone euro
What Lies Beneath? A Time-varying Favar Model for the UK Transmission Mechanism
| Unique citing works | 5 |
|---|---|
| Citations per year | 0,23 |
| Citation span | 2004 - 2024 (21) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 5 |