TAILIEUCHUNG - Nominal rigidities and the real effects of monetary policy in a structural var model

The paper proposes an empirical VAR for the UK open economy in order to measure the effects of monetary policy shocks from 1981 to 2003. The identification of the VAR structure is based on short-run restrictions that are consistent with the general implications of a New Keynesian model. The identification scheme used in the paper is successful in identifying monetary policy shocks and solving the puzzles and anomalies regarding the effects of monetary policy shocks. The estimated dynamic impulse responses and the forecast error variance decompositions show a consistency with the New Keynesian approach and other available theories. | DEPOCEN Working Paper Series No. 2007/06 Nominal Rigidities And The Real Effects Of Monetary Policy In A Structural VAR Model Pham The Anh * * School of Social Sciences, University of Manchester, UK Department of Economics, National Economics University, Vietnam The DEPOCEN WORKING PAPER SERIES disseminates research findings and promotes scholar exchanges in all branches of economic studies, with a special emphasis on Vietnam. The views and interpretations expressed in the paper are those of the author(s) and do not necessarily represent the views and policies of the DEPOCEN or its Management Board. The DEPOCEN does not guarantee the accuracy of findings, interpretations, and data associated with the paper, and accepts no responsibility whatsoever for any consequences of their use. The author(s) remains the copyright owner. DEPOCEN WORKING PAPERS are available online at NOMINAL RIGIDITIES AND THE REAL EFFECTS OF MONETARY POLICY IN A STRUCTURAL VAR MODEL♣ School of Social Sciences, University of Manchester, UK Department of Economics, National Economics University, Vietnam June, 2007 Abstract The paper proposes an empirical VAR for the UK open economy in order to measure the effects of monetary policy shocks from 1981 to 2003. The identification of the VAR structure is based on short-run restrictions that are consistent with the general implications of a New Keynesian model. The identification scheme used in the paper is successful in identifying monetary policy shocks and solving the puzzles and anomalies regarding the effects of monetary policy shocks. The estimated dynamic impulse responses and the forecast error variance decompositions show a consistency with the New Keynesian approach and other available theories. JEL codes: C30; E30; E32; E52. Keywords: Structural VAR; Nominal Rigidities; Monetary Policy Shocks; New Keynesian Theory ♣ This paper is a substantially revised chapter in my PhD dissertation at the University of .

• Ngân hàng - Tín dụng
• The Structural VAR
• The Nominal Rigidities
• Monetary Policy Shocks
• New Keynesian Theory
• The Monetary Policy
• Economic growth
• Private capital inflows
• Structural VAR approach for Nigeria
• VAR approach
• Shocks in foreign direct investment
• Economic structural change
• Regression model
• Granger causality test
• Changes in Bến Tre’s economic structure
• VAR model
• Carbohydrate polymers
• Astringent fruits
• Monosaccharide composition
• FTIR spectroscopy
• Persimmon fruit
• Fiscal policy
• Monetary policy
• Environmental degradation
• Role of fiscal policy
• Monetary policy in environmental degradation
• Chính sách tiền tệ
• Lecture notes for Monetary policy
• Traditional models
• Monetary policy models
• Discretionary solution
• Monetary policy implementation
• Macroeconomic stabilization
• Monetary policy and orientations
• SBV monetary policy
• Global economy
• Investigating monetary policy dynamics in Nigeria
• The role of private investment
• Investigating monetary policy dynamics
• Good macroeconomic policies
• The dynamics of monetary policy
• Power of monetary policy
• Monetary policy in fighting
• Long term high inflation
• Based on taylor rule
• Empirical test on impact of monetary policy
• Fiscal policy on Vietnam stock market
• Vietnam stock market
• Utilizing Vector error correction model
• Monetary policy tools
• Monetary policy transmission
• Monetary policy instrument
• International integration
• Vietnam gradually integrates
• Monetary and credit policy
• Conditions of economic instability
• Limiting monetary policy
• Domestic and foreign market
• Monetary security of Ukraine
• Monetary stance
• Ordered probit
• SBV’s monetary policy
• State Bank of Vietnam
• Accounting undergraduate Honors theses
• Essays on monetary policy rules and inflation dynamics
• Monetary policy rules
• The domestic determinants of inflation
• The policy makers’ opportunistic approach
• Inflation accounting and control through monetary policy measures in Nigeria
• Multi regression analysis
• Control through monetary policy measures
• The ordinary least squares estimation techniques
• The principal policy variables
• Operational monetary policy rules
• Interest rate setting
• Adaptive learning
• Optimal policy
• Monetary policy changes
• Market interest rates in greece
• An event study approach
• Central Bank operational procedure
• Market interest rates
• Exchange rate
• Time series
• Monetary policy on the exchange rate
• Sign restriction approaches
• Credit channel
• Transmission channel of monetary policy
• Capital adequacy ratios
• Preferred stocks
• Monetary policy rate
• Financial inclusion
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• Asia emerging markets
• Management of monetary policy
• Macroeconomic goals
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• Investment policies
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• Vietnamese stock market’s liquidity
• M2 supply leads
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• Monetary policy effectiveness
• Comprehensive measurement
• Monetary policy rates
• Market rate
• Monetary transmission in Vietnam
• Interest rate
• Bank lending channel in Vietnam
• PhD thesis
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• Lecture Financial markets
• Thị trường tài chính
• Monetary theory