Measuring the Stance of Monetary Policy-猫眼课题宝

衡量货币政策立场

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1996

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B. Fung;Mingwei Yuan

在本文中，我们使用基于向量自回归（VAR）的方法构建了加拿大货币政策立场的定量度量。根据Blinder（1998）最近的论点，我们将我们的政策度量建立在通货膨胀控制的基础上。鉴于加拿大货币政策的目标是将通胀保持在13%的目标范围内，这是合适的。我们将货币政策的立场视为相对于保持通胀不变的目标而言，政策是否过于紧缩、中性或过于宽松的量化指标。如果立场太紧（太松），通货膨胀最终会下降（上升）。换句话说，新的货币政策立场与长期持续的通胀是一致的（Blinder 1998,33）。定量衡量政策立场是有用的，至少有两个重要原因。首先，了解当前的政策立场有多紧或多松，有助于加拿大央行确定将通胀保持在目标范围内所需的货币政策路线。第二，一曲

In this paper we construct a quantitative measure of the stance of mon policy in Canada using a vector autoregression (VAR)–based appro Following Blinder’s (1998) recent arguments, we base our policy sta measure on the control of inflation. This is appropriate given that the goa monetary policy in Canada is to keep inflation within a target range of 1 3 per cent. We regard the stance of monetary policy as a quantita measure of whether policy is too tight, neutral, or too loose relative to objective of keeping inflation constant. 1 If the stance is too tight (loose) inflation will eventually decrease (increase). In other words, a neu monetary policy stance is consistent with constant inflation in the med run (Blinder 1998, 33). A quantitative measure of policy stance is useful important for at least two reasons. First, knowing how tight or how loose current stance is helps the Bank of Canada determine the course of mon policy needed to keep inflation within the target range. Second, a qu

Measuring the Stance of Monetary Policy

衡量货币政策立场

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