Does Central Bank Capital Matter for Monetary Policy?

Open Economies Review - Tập 27 - Trang 183-205 - 2015
Gustavo Adler1, Pedro Castro2, Camilo E. Tovar1
1International Monetary Fund, Washington, USA
2Philadelphia, USA

Tóm tắt

This paper examines empirically whether central bank capital influences the conduct of monetary policy. To this end, we estimate interest rate rules for a sample of 41 countries and employ linear and non-linear regression methods to test if a measure of central bank financial strength can explain deviations of actual interest rates from those predicted by the estimated interest rate (Taylor-like) rules. Our results suggest that central bank capital is indeed a relevant factor behind interest rate policy decisions.

Tài liệu tham khảo

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