Analýza dynamické stability monetárního pravidla
| Title in English | Dynamic stability analysis of monetary policy rule |
|---|---|
| Authors | |
| Year of publication | 2003 |
| Type | Article in Proceedings |
| Conference | Transformace hospodářství ČR před vstupem do EU |
| MU Faculty or unit | |
| Citation | |
| Field | Economy |
| Keywords | monetary policy; Taylor rule; dynamic stability; zeros and poles |
| Description | There are various types of monetary policy behaving. One of them is inflation forecast based targeting. Core of the monetary decision is a macroeconomic model. It describes monetary transmission mechanism that are relations between nominal interest rate and other economic variables such as inflation rate and output gap and conversely. The converse relation is expressed by some type of monetary policy rule, e.g. Taylor rule. In this paper we want to analyze and to find optimal monetary policy rule for the Czech economy. Parameters in the monetary policy rule are usually calibrated without further analysis of their dynamic properties. On the basis of the research was applied method to prove these dynamic propertis. They are further analyzed and on thier basis are drawn new important consequences for the monetary authority. |
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