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International Observations of Monetary Policy Periods

Yamin Ahmad

The IUP Journal of Monetary Economics, 2009, vol. VII, issue 3-4, 7-43

Abstract: The paper identifies 21 observations of monetary policy periods within six of the G7 countries,by adopting the Narrative Approach used by Romer and Romer (1989). Statistics are used to characterize the state of these economies from 1970 till 2001. Major historical events and narrative evidence are then used as guides to identify these monetary policy periods, which reflect the stance of monetary policy by Central Banks during those events. The significance of these monetary policy periods are then assessed using various approaches. The results overwhelmingly show that movements in interest rates during the policy periods are significant. Moreover, these identified periods are found to reflect exogenous policy actions undertaken by monetary authorities.

Date: 2009
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