Η εγχώρια νομισματική πολιτική και η επίδραση του εξωτερικού περιβάλλοντος
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Keywords
Νομισματική πολιτική ; Taylor rule ; Κεντρικές Τράπεζες (ΚΤ)Abstract
In my first research attempt and attracted by the monetary policy and as a continue of my first contact with the Taylor-type rules, we used them as an instrument for the evaluation of the monetary policy, for two different periods of time, 1971-2018 and smaller data set for 2008-2018, a small but crucial period due to the crisis. This step was inevitable in order to proceed with a new structure of rule, using extra two variables, the effective exchange rate and the interest of the other central bank, which captures the effects of external environment. We used this new rule to evaluate and extract new conclusions about monetary policy of the two periods.
Finally we sum up with the conclusion that both new variables have explanatory ability regarding the fluctuations of the central banks interest rates. Moreover the break of the large sample to a smaller one for the period 2008-2018 can provide us with exclusive results for the monetary policy. Either with simple Taylor rule or with the use of the new rule become clear that the main motivation of the central banks was the problem of recession against the target for a constant inflation.