Please use this identifier to cite or link to this item: http://bura.brunel.ac.uk/handle/2438/15890
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dc.contributor.authorCaporale, GM-
dc.contributor.authorHelmi, MH-
dc.contributor.authorCatik, AN-
dc.contributor.authorMenla Ali, F-
dc.contributor.authorAkdeniz, C-
dc.date.accessioned2018-02-28T15:17:31Z-
dc.date.available2018-06-15-
dc.date.available2018-02-28T15:17:31Z-
dc.date.issued2018-
dc.identifier.citationEconomic Modelling, 2018en_US
dc.identifier.issn0264-9993-
dc.identifier.urihttp://bura.brunel.ac.uk/handle/2438/15890-
dc.description.abstractThis paper examines the Taylor rule in five emerging economies, namely Indonesia, Israel, South Korea, Thailand, and Turkey. In particular, it investigates whether monetary policy in these countries can be more accurately described by (i) an augmented rule including the exchange rate, as well as (ii) a nonlinear threshold specification (estimated using GMM), instead of a baseline linear rule. The results suggest that the reaction of monetary authorities to deviations from target of either the inflation or the output gap differs in terms of the size and/or statistical significance of the coefficients in the high and low inflation regimes in all countries. In particular, the exchange rate has an impact in the former but not in the latter regime. Overall, an augmented nonlinear Taylor rule appears to capture more accurately the behaviour of monetary authorities in these countries.en_US
dc.language.isoenen_US
dc.publisherELSEVIERen_US
dc.subjectEmerging countriesen_US
dc.subjectNonlinearitiesen_US
dc.subjectTaylor ruleen_US
dc.titleMonetary policy rules in emerging countries: is there an augmented nonlinear Taylor rule?en_US
dc.typeArticleen_US
dc.relation.isPartOfEconomic Modelling-
pubs.publication-statusAccepted-
Appears in Collections:Dept of Economics and Finance Research Papers

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