EconPapers    
Economics at your fingertips  
 

Monetary Policy Is Not Always Systematic and Data-Driven: Evidence from the Yield Curve

Ales Bulir and Jan Vlcek

Working Papers from Czech National Bank, Research and Statistics Department

Abstract: Does monetary policy react systematically to macroeconomic innovations? In a sample of 16 countries - operating under various monetary regimes - we find that monetary policy decisions, as expressed in yield curve movements, do react to macroeconomic innovations and these reactions reflect the monetary policy regime. While we find evidence of the primacy of the price stability objective in the inflation-targeting countries, the links to inflation and the output gap are generally weaker and less systematic in money-targeting and multiple-objective countries.

Keywords: Monetary transmission; yield curve (search for similar items in EconPapers)
JEL-codes: E43 E52 G12 (search for similar items in EconPapers)
Date: 2019-09
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.cnb.cz/export/sites/cnb/en/economic-re ... wp/cnbwp_2019_03.pdf

Related works:
Journal Article: Monetary Policy is Not Always Systematic and Data-Driven: Evidence from the Yield Curve (2023) Downloads
Working Paper: Monetary Policy Is Not Always Systematic and Data-Driven: Evidence from the Yield Curve (2020) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cnb:wpaper:2019/3

Access Statistics for this paper

More papers in Working Papers from Czech National Bank, Research and Statistics Department Contact information at EDIRC.
Bibliographic data for series maintained by Tomas Karhanek ().

 
Page updated 2025-03-24
Handle: RePEc:cnb:wpaper:2019/3