Output Effects of Monetary Policy in Emerging and Developing Countries: Evidence from a Meta-Analysis

被引:4
|
作者
Thi Mai Lan Nguyen [1 ,2 ]
机构
[1] Erasmus Univ, Int Inst Social Studies ISS, Kortenaerkade 12, NL-2518 AX Rotterdam, Netherlands
[2] Bank Investment & Dev Vietnam, Res Ctr, Hanoi, Vietnam
关键词
interest rate; meta-regression analysis; monetary policy; output effect; publication bias; CENTRAL BANK INDEPENDENCE; FINANCIAL DEVELOPMENT; TIME-SERIES; TRANSITION ECONOMIES; PRICE PUZZLE; TRANSMISSION; INFLATION; SHOCKS; GROWTH; BIAS;
D O I
10.1080/1540496X.2019.1601081
中图分类号
F [经济];
学科分类号
02 ;
摘要
Using 45 studies conducted between 2001 and 2014, this paper employs a meta-regression analysis (MRA) to synthesize vector-autoregressive findings of output effects of a tightening in monetary policy in 32 emerging and developing countries. The outcomes indicate a publication bias. However, tightening of monetary policy has a negative real effect on output. Primary studies including commodity price variable(s) tend to report stronger negative effects. Output effects are likely to be more negative in an economy with a developed financial system and less effective in an economy with high inflation volatility.
引用
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页码:68 / 85
页数:18
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