This work provides different studies of how econometric evaluation of monetary policy based on forward-looking Taylor rules is conducted. The first part discusses theoretical results regarding the Taylor principle and can be used as a guideline for the evaluation of the following three empirical applications based on survey data of Consensus Economics. The first application deals with the question whether the introduction of inflation targeting affects monetary policy. The second application investigates the consequences of oil price movements for monetary policy. The third application analyzes monetary policy conditions in Spain before and after the changeover to the Euro by estimating forward-looking Taylor rules.
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Dirk Bleich studied Economics at the University of Göttingen. He graduated in 2007 as a Diplom-Volkswirt and worked as a research assistant at the WHU – Otto Beisheim School of Management, chair of Macroeconomics and International Relations. During this time he wrote this dissertation. Since 2011 the author has been working with the Deutsche Bundesbank at the International Financial System Division.
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Originalpappband. Zustand: Sehr gut. 119 S. Ein sehr gutes und sauberes Exemplar. - Inhalt: Introduction -- Stability conditions for forward-looking monetary policy rules in the basic New Keynesian model: Introduction -- The basic New Keynesian model -- Stability of equilibrium under rational expectations -- The idea of equilibrium -- How economics differ from natural science: The role of expectations -- Determinacy as an important property of equilibrium -- Deriving the Taylor principle for a forward-looking Taylor rule under rational expectations -- Adaptive Learning -- The E-stability condition -- Deriving the Taylor principle for a forward-looking Taylor rule under adaptive learning -- Conclusion -- Inflation targeting makes the difference: Novel evidence on inflation stabilization: Introduction -- The empirical morphology of Taylor-type rules -- The data set -- Estimation results -- Expectations on the long-term inflation rate -- A Time-varying perspective -- The role of time-varying inflation targets -- The time-variance of the inflation coefncient -- Conclusion -- Monetary policy and oil price expectations: Introduction -- The data set -- Estimation results -- Conclusion -- The Euro and the Spanish housing bubble: Introduction -- The empirical morphology of Taylor-type rules -- The data set -- Spain's pre-Euro monetary policy -- Monetary policy after the Euro -- Consequences for the housing sector -- Conclusion -- Conclusion and policy implications -- Determinacy of a forward-looking Taylor rule -- E-Stability of a Forward-Looking Taylor Rule -- Weighted average of expected GDP and CPI -- Calculation of the non-oil CPI. ISBN 9783631616581 Sprache: Englisch Gewicht in Gramm: 550. Artikel-Nr. 1012872
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Buch. Zustand: Neu. Neuware -This work provides different studies of how econometric evaluation of monetary policy based on forward-looking Taylor rules is conducted. The first part discusses theoretical results regarding the Taylor principle and can be used as a guideline for the evaluation of the following three empirical applications based on survey data of Consensus Economics. The first application deals with the question whether the introduction of inflation targeting affects monetary policy. The second application investigates the consequences of oil price movements for monetary policy. The third application analyzes monetary policy conditions in Spain before and after the changeover to the Euro by estimating forward-looking Taylor rules. 120 pp. Englisch. Artikel-Nr. 9783631616581
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Buch. Zustand: Neu. Druck auf Anfrage Neuware - Printed after ordering - This work provides different studies of how econometric evaluation of monetary policy based on forward-looking Taylor rules is conducted. The first part discusses theoretical results regarding the Taylor principle and can be used as a guideline for the evaluation of the following three empirical applications based on survey data of Consensus Economics. The first application deals with the question whether the introduction of inflation targeting affects monetary policy. The second application investigates the consequences of oil price movements for monetary policy. The third application analyzes monetary policy conditions in Spain before and after the changeover to the Euro by estimating forward-looking Taylor rules. Artikel-Nr. 9783631616581
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