Monetary policy rules for a developing country: Evidence from Pakistan
Abdul Aleem () and
Journal of Asian Economics, 2011, vol. 22, issue 6, 483-494
This paper estimates forward-looking monetary policy rules to examine the interest rate setting behavior of the State Bank of Pakistan. Considering the external constraints on monetary policy, core inflation and a country-specific measure of the output gap, we demonstrate that the State Bank of Pakistan reacts to changes in inflation, the output gap and the federal funds rate.
Keywords: Monetary policy rules; Central bank; Pakistan (search for similar items in EconPapers)
JEL-codes: E52 E58 E60 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:asieco:v:22:y:2011:i:6:p:483-494
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