Modeling central bank behavior

What have we learned?

Raymond Eugene Lombra, Herbert M. Kaufman

Research output: Contribution to journalShort survey

3 Citations (Scopus)

Abstract

Within the literature on monetary and fiscal policy there exists a wide range of results on the role and effects of policy, both domestically and internationally. This article focuses on various inadequacies associated with the modeling of central bank behavior as an important source of the disparities. The role of policy procedures and regulations in influencing causal relationships and the dynamic adjustment of the financial system to disturbances is highlighted. At the practical level, the evolution of monetary policy in the United States is reviewed and compared to policy procedures in other major countries, with special emphasis on the implications for empirical studies. Finally, the various ramifications for contemporary policy analysis within the across interdependent nations are explored with an eye towards enhancing the reliability, robustness, and predective power of our models.

Original languageEnglish (US)
Pages (from-to)227-248
Number of pages22
JournalJournal of Policy Modeling
Volume14
Issue number2
DOIs
StatePublished - Jan 1 1992

Fingerprint

Modeling
Central bank
Dynamic adjustment
Financial system
Robustness
Monetary and fiscal policy
Monetary policy
Policy analysis
Empirical study

All Science Journal Classification (ASJC) codes

  • Economics and Econometrics

Cite this

Lombra, Raymond Eugene ; Kaufman, Herbert M. / Modeling central bank behavior : What have we learned?. In: Journal of Policy Modeling. 1992 ; Vol. 14, No. 2. pp. 227-248.
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Modeling central bank behavior : What have we learned? / Lombra, Raymond Eugene; Kaufman, Herbert M.

In: Journal of Policy Modeling, Vol. 14, No. 2, 01.01.1992, p. 227-248.

Research output: Contribution to journalShort survey

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