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VGU RESEARCH REPOSITORY


Please use this identifier to cite or link to this item: https://epub.vgu.edu.vn/handle/dlibvgu/623
Title: An application of Taylor rule and McCallum rule on estimating monetary policy for the state bank of Vietnam from 2006 to 2015
Authors: Vo San Anh 
Keywords: Taylor rule;McCallum rule;Monetary policy
Issue Date: 2017
Publisher: Vietnamese-German University
Abstract: 
This study aims to investigate the behavior function for the State Bank of Vietnam (SBV) by using four models of monetary policy rules, which are Taylor rule, modified Taylor rule, McCallum rule and modified McCallum rule. After applying a generalized method of moment estimation, the empirical result suggests that the modified McCallum model can be used to describe the SBV’s reaction function by using quarterly data over the period 2006 – 2010. The SBV appears to use the broad money supply as an instrument to respond to the feedbacks from the average growth of money velocity, the target growth rate of nominal GDP, the growth rate of nominal GDP, the nominal effective exchange rate and, finally, the gold price gap between the domestic and world market.
URI(1): http://epub.vgu.edu.vn/handle/dlibvgu/623
Rights: Attribution-NonCommercial 4.0 International
Appears in Collections:Finance & Accounting (FA)

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