Estimating a Taylor-type monetary policy reaction function for the case of a small developing economy

Abstract

This paper estimates a simple, Taylor-type, monetary policy reaction function for the Dominican Republic (DR) during the period 1970-98. The estimated long and short run reactions of DR’s monetary authorities can be identified for two distinct time periods. From 1970 to 1984 the authorities did not fully commit themselves to sustain one of their main policy… (More)

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