Development and application of the monetary rule for the base interest rate of the National Bank of Ukraine

Savchenko, Taras and Kozmenko, Serhiy and Piontkovska, Yanina (2014): Development and application of the monetary rule for the base interest rate of the National Bank of Ukraine. Published in: Banks and Bank Systems , Vol. 9, No. 3 (2014): pp. 50-58.

Abstract

The paper studies methodological approaches to the formation of monetary policy rules for the base interest rate of the National Bank of Ukraine demonstrating the expediency of their development on the basis of the spread-adjusted Tay- lor rule. It carries out the assessment of equilibrium values for the rule’s parameters by using a modified Hodrick- Prescott filter as well as the identification of the possible parameters of the monetary rule and the estimation of their coefficients through the development of multivariate regression models.

• Item Type: MPRA Paper
• Language: English
• Keywords: monetary policy rule, spread-adjusted Taylor rule, central bank, monetary market, inflation targeting
• Subjects: E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E52 - Monetary Policy; E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E58 - Central Banks and Their Policies

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