Monetary policy rules in emerging countries: Is there an augmented nonlinear taylor rule?

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dc.contributor.authorCaporale, Guglielmo Maria
dc.contributor.authorHelmi, Mohamad Husam
dc.contributor.authorCatik, Abdurrahman Nazif
dc.contributor.authorAli, Faek Menla
dc.contributor.authorAkdeniz, Coskun
dc.date.accessioned2019-10-27T10:05:33Z
dc.date.available2019-10-27T10:05:33Z
dc.date.issued2018
dc.departmentEge Üniversitesien_US
dc.description.abstractThis paper examines the Taylor rule in five emerging economies, namely Indonesia, Israel, South Korea, Thailand, and Turkey. In particular, it investigates whether monetary policy in these countries can be more accurately described by (i) an augmented rule including the exchange rate, as well as (ii) a nonlinear threshold specification (estimated using GMM), instead of a baseline linear rule. The results suggest that the reaction of monetary authorities to deviations from target of either the inflation or the output gap differs in terms of the size and/or statistical significance of the coefficients in the high and low inflation regimes in all countries. In particular, the exchange rate has an impact in the former but not in the latter regime. Overall, an augmented nonlinear Taylor rule appears to capture more accurately the behaviour of monetary authorities in these countries.en_US
dc.identifier.doi10.1016/j.econmod.2018.02.006
dc.identifier.endpage319en_US
dc.identifier.issn0264-9993
dc.identifier.issn1873-6122
dc.identifier.issn0264-9993en_US
dc.identifier.issn1873-6122en_US
dc.identifier.scopusqualityQ1en_US
dc.identifier.startpage306en_US
dc.identifier.urihttps://doi.org/10.1016/j.econmod.2018.02.006
dc.identifier.urihttps://hdl.handle.net/11454/30364
dc.identifier.volume72en_US
dc.identifier.wosWOS:000434744600027en_US
dc.identifier.wosqualityQ2en_US
dc.indekslendigikaynakWeb of Scienceen_US
dc.indekslendigikaynakScopusen_US
dc.language.isoenen_US
dc.publisherElsevier Science Bven_US
dc.relation.ispartofEconomic Modellingen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectEmerging countriesen_US
dc.subjectNonlinearitiesen_US
dc.subjectTaylor ruleen_US
dc.titleMonetary policy rules in emerging countries: Is there an augmented nonlinear taylor rule?en_US
dc.typeArticleen_US

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