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Endogenous Monetary Policy Credibility in a Small Macro Model of Israel

Endogenous Monetary Policy Credibility in a Small Macro Model of Israel by Eyal Argov
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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 resemble features in the data from the period 2001?03. In particular, the extended model does a much better job in accounting for the deterioration in monetary policy credibility and the output costs of regaining monetary policy credibility once it has been lost.
International Monetary Fund; August 2007
33 pages; ISBN 9781452704708
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Title: Endogenous Monetary Policy Credibility in a Small Macro Model of Israel
Author: Eyal Argov; David Rose; Philippe D Karam; Natan P. Epstein; Douglas Laxton
 
ISBNs
1451912242
9781451867718
9781451912241
9781452704708