When multiple objectives meet multiple instruments : identifying simultaneous monetary shocks

Central banks generally target multiple objectives while having at least the same number of monetary instruments. However, some instruments can be inadvertently collinear, leading to indeterminacy and identification failures. Paradoxically, most empirical studies have shied away from this dependence...

Descripción completa

Detalles Bibliográficos
Autores Principales: Ordoñez-Callamand, Daniel, Hernández-Leal, Juan David, Villamizar-Villegas, Mauricio
Formato: Documento de trabajo (Working Paper)
Lenguaje:Inglés (English)
Publicado: Banco de la República de Colombia 2017
Materias:
Acceso en línea:http://repositorio.banrep.gov.co/handle/20.500.12134/6310