A threshold model for monetary policy rules for open economies

dc.contributor.author	Καζάνας, Αθανάσιος Ε.	el
dc.contributor.author	Τζαβαλής, Ηλίας	el
dc.date.accessioned	2015-01-27T20:48:50Z
dc.date.available	2015-01-27T20:48:50Z
dc.date.issued	2015-01-27
dc.identifier.uri	http://hdl.handle.net/11400/4884
dc.rights	Αναφορά Δημιουργού-Μη Εμπορική Χρήση-Όχι Παράγωγα Έργα 3.0 Ηνωμένες Πολιτείες	*
dc.rights.uri	http://creativecommons.org/licenses/by-nc-nd/3.0/us/	*
dc.subject	Νομισματική πολιτική
dc.subject	Ανοικτή οικονομία
dc.subject	Στόχοι για τον πληθωρισμό
dc.subject	Monetary policy
dc.subject	Open economy
dc.subject	Inflation targets
dc.title	A threshold model for monetary policy rules for open economies	en
heal.type	conferenceItem
heal.generalDescription	ISSN Σειράς Πρακτικών: 1791 – 8499	el
heal.generalDescription	Proceedings Series: 1791 - 8499	en
heal.classification	Economics
heal.classification	Mathematical statistics
heal.classification	Οικονομικά
heal.classification	Μαθηματική στατιστική
heal.classificationURI	http://id.loc.gov/authorities/subjects/sh85040850
heal.classificationURI	http://id.loc.gov/authorities/subjects/sh85082133
heal.classificationURI	N/A-Οικονομικά
heal.classificationURI	N/A-Μαθηματική στατιστική
heal.contributorName	Φράγκος, Χρήστος Κ. (1949-) (επιμ.)	el
heal.language	en
heal.access	campus
heal.recordProvider	Τεχνολογικό Εκπαιδευτικό Ίδρυμα Αθήνας. Σχολή Διοίκησης και Οικονομίας. Τμήμα Διοίκησης Επιχειρήσεων. Κατεύθυνση Διοίκησης Επιχειρήσεων.	el
heal.publicationDate	2009-05
heal.bibliographicCitation	Kazanas, T.Ε. and Tzavalis, E. (2009). A threshold model for monetary policy rules for open economies. In 2nd International Conference: Quantitative and Qualitative Methodologies in the Economics and Administrative Sciences. Athens, 25th to 27th May 2009. Athens: TEI of Athens. pp. 232-241.	en
heal.abstract	This paper estimates monetary policy reaction functions that allow for open economy. The famous Taylor rule is referred to a closed economy in which the interest rate depends on the inflation and output deviations from their target values. In an open economy the interest rate depends not only on the inflation and output deviations but also on the percentage change of the real exchange rate or the nominal interest rate of a foreign country. We consider a threshold type nonlinear monetary policy model that allows the existence of two policy regimes according to whether the output gap or the level of the unemployment rate is above or below a threshold value. We estimate the threshold parameter through the method of maximum likelihood. The results reveal asymmetries in the policy reaction functions which are associated with large output gap or high level of unemployment rate.	en
heal.publisher	Τεχνολογικό Εκπαιδευτικό Ίδρυμα Αθήνας	el
heal.publisher	TEI of Athens	en
heal.fullTextAvailability	true
heal.conferenceName	2nd International Conference: Quantitative and Qualitative Methodologies in the Economic and Administrative Sciences	en
heal.conferenceName	2ο Διεθνές Συνέδριο: Ποσοτικά και Ποιοτικά Μεθοδολογικά Πρότυπα στις Οικονομικές και Διοικητικές Επιστήμες	el
heal.conferenceItemType	full paper