2024-03-29T14:21:34Zhttps://repositori.uji.es/oai/requestoai:repositori.uji.es:10234/1643462023-02-23T14:46:58Zcom_10234_201824com_10234_9com_10234_8643col_10234_201825col_10234_8644
Repositori UJI
author
Wang, Rudan
author
Morley, Bruce
author
Ordóñez, Javier
2016-11-09T16:13:07Z
2016-11-09T16:13:07Z
2016
Wang, R., Morley, B., & Ordóñez, J. (2016). The Taylor Rule, Wealth Effects and the Exchange Rate. Review of International Economics.
1467-9396
http://hdl.handle.net/10234/164346
http://dx.doi.org/10.1111/roie.12213
In this study, we develop the Taylor rule and Taylor rule-based exchange rate models that consider wealth effects as represented by both asset prices and asset wealth. Using data for Australia, Sweden, the UK and the USA, we find that effects of asset prices and wealth on the Taylor rule vary depending on the country and on the form that wealth takes. Out-of-sample forecasting capacities of the wealth-augmented Taylor rule model and Taylor rule-based exchange rate model outperform conventional models and random walk theories for these countries.
eng
© 2016 John Wiley & Sons Ltd
Economic structure
Exchange rate
Model test
Monetary policy
Price dynamics
The Taylor Rule, Wealth Effects and the Exchange Rate
info:eu-repo/semantics/article
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