Monetary Policy Reaction Functions in Iran: An Extended Kalman Filter Approach

Maryam Hematy and Ahmad Jalali-Naini ()
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Maryam Hematy: Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran

Journal of Money and Economy, 2015, vol. 10, issue 3, 29-48

Abstract: Estimates of instrumental rules can be utilized to describe central bank's behavior and monetary policy stance. In the last decade, considerable attention has been given to time-varying parameter (TVP) specification of monetary policy rules. Constant-parameter reaction functions likely ignore the impact of model uncertainty, shifting preferences and nonlinearities of policymaker's

Keywords: Monetary policy; Instrumental rule; Monetary Policy Reaction Function; time varying coefficient; Extended Kalman filter. (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (2)

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