Endogenous Monetary Policy Credibility in a Small Macro Model of Israel

Endogenous Monetary Policy Credibility in a Small Macro Model of Israel
This paper extends a small linear model of the Israeli economy to allow for nonlinearities in the inflation-output process that arise from convexity in the Phillips curve and endogenous monetary policy credibility. We find that the dynamic responses to shocks in the extended model more closely resemble features in the data from the period... READ MORE...

Publication date: August 2007
ISBN 9781451867718
$18.00

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