Are policy rules better than the discretionary system in Taiwan?
This article investigates whether the Central Bank of China in Taiwan (CBC) would have had a more successful monetary policy during the period 1978:3 to 1999:4 if it had followed an optimal rule rather than the discretionary policies that were actually employed. The article examines the use of three...
| Publicado en: | Contemporary Economic Policy Vol. 20; no. 1; pp. 60 - 72 |
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| Autores principales: | , , |
| Formato: | Artículo |
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Wiley-Blackwell
January 2002
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=510220683&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 510220683 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 10743529 CEY jtl: Contemporary Economic Policy issn: 10743529 maglogo: N pubinfo: dt: January 2002 vid: 20 iid: 1 pid: 480 pub: Wiley-Blackwell artinfo: ui: 510220683 10.1093/cep/20.1.60 ppf: 60 ppct: 12 formats: fmt: – @attributes: type: T – @attributes: type: P size: 1.8MB tig: atl: Are policy rules better than the discretionary system in Taiwan? aug: au: Cover, James Peery Hueng, C. James Yau, Ruey su: Central Bank of China (Company) Gross national product Price inflation Monetary policy Taiwan sug: subj: Taiwan Central Bank of China (Company) Gross national product Price inflation Monetary policy ab: This article investigates whether the Central Bank of China in Taiwan (CBC) would have had a more successful monetary policy during the period 1978:3 to 1999:4 if it had followed an optimal rule rather than the discretionary policies that were actually employed. The article examines the use of three different instruments—the rediscount rate, M2, and reserve money—with several different targets—the growth rate of nominal output, inflation, the percentage change in the exchange rate, and the growth rate of a monetary aggregate. Only 4 of 64 rules considered resulted in a statistically significant improvement in the performance of the Taiwanese economy. Given that this study analyzes the economy of Taiwan with revised data that were not available to the CBC in real time, and given that so few of the rules would have improved the economy's performance, it is concluded that the performance of the CBC has been very good. Reprinted by permission of the publisher. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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