|Appears in Collections:||Economics Journal Articles|
|Peer Review Status:||Refereed|
|Title:||Realized and Optimal Monetary Policy Rules in an Estimated Markov-Switching DSGE Model of the United Kingdom|
|Publisher:||Wiley-Blackwell for the Ohio State University|
|Citation:||Chen X & MacDonald R (2012) Realized and Optimal Monetary Policy Rules in an Estimated Markov-Switching DSGE Model of the United Kingdom, Journal of Money, Credit and Banking, 44 (6), pp. 1091-1116.|
|Abstract:||This paper investigates underlying changes in the UK economy over the past thirty-five years using a small open economy DSGE model. Using Bayesian analysis, wefind UK monetary policy, nominal price rigidity and exogenous shocks, are all subject to regime shifting. A model incorporating these changes is used to estimate the realised monetary policy and derive the optimal monetary policy for the UK. This allows us to assess the effectiveness of the realised policy in terms of stabilising economic fluctuations, and, in turn, provide an indication of whether there is room for monetary authorities to further improve their policies.|
|Rights:||The publisher does not allow this work to be made publicly available in this Repository. Please use the Request a Copy feature at the foot of the Repository record to request a copy directly from the author. You can only request a copy if you wish to use this work for your own research or private study.|
University of Glasgow
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