Endogenous Monetary Policy Credibility in a Small Macro Model of Israel /

This paper extends a small linear model of the Israeli economy to allow for nonlinearities in the inflation-output process that arise from convexity in the Phillips curve and endogenous monetary policy credibility. We find that the dynamic responses to shocks in the extended model more closely resem...

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Bibliographic Details
Main Author:	Argov, Eyal
Other Authors:	Epstein, Natan P, Epstein, Natan, Karam, Philippe, Laxton, Douglas, Rose, David
Format:	Book
Language:	English
Published:	Washington, D.C. : International Monetary Fund, 2007
Series:	IMF Working Papers ; Working Paper No. 07/207 IMF Working Papers; Working Paper ; No. 2007/207 IMF eLibrary
Subjects:	Actual inflation Central bank Control of inflation Economic models Expansionary monetary policy High inflation Increase in interest rates Inflation dynamics Inflation equation Inflation process Inflation rate Inflation rates Inflation rising Inflation target Inflation targeting Inflation Inflation-targeting Inflationary pressures Long-term interest rates Low inflation Monetary authorities Monetary economics Monetary fund Monetary policy reaction function Monetary policy rules Monetary policy Nominal interest rate Nominal interest rates Rate of inflation Rational expectations Real exchange rates Real interest rate Real interest rates Relative price Banking Banks and Banking Central bank policy rate Currency Deflation Economic theory Exchange rates Foreign Exchange Foreign exchange Interest Rates: Determination, Term Structure, and Effects Interest rates Macroeconomics Macroeconomics: Production Monetary Policy Money and Monetary Policy Output gap Price Level Prices Production and Operations Management Production Israel

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Endogenous Monetary Policy Credibility in a Small Macro Model of Israel /

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