Monetary policy in times of financial stress

Alexandros Kontonikas (), Charles Nolan and Zivile Zekaite

Working Papers from Business School - Economics, University of Glasgow

Abstract: Some studies argue that the Fed reacts to financial market developments. Using data covering the period 1985:Q1 - 2008:Q4 and employing an augmented Taylor rule specification, we re-examine that conjecture. We find that evidence in favour of such a reaction is largely driven by the Fed’s behaviour during the 2007-2008 financial crisis.

Keywords: Monetary Policy; Taylor Rule; Financial Crisis (search for similar items in EconPapers)
JEL-codes: E52 E58 G01 (search for similar items in EconPapers)
Date: 2014-07
New Economics Papers: this item is included in nep-cba, nep-fdg, nep-mac and nep-mon
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Working Paper: Monetary Policy in Times of Financial Stress (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:gla:glaewp:2014_08

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