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The reason is that central banks react to variables, such as inflation and the output gap, which are endogenous to monetary policy shocks.
Endogeneity implies a correlation between regressors and the error term, and hence, an asymptotic bias. In principle, Instrumental Variables IV estimation can solve this endogeneity problem.
In practice, IV estimation poses challenges as the validity of potential instruments also depends on other economic relationships. We argue in favor of OLS estimation of monetary policy rules.
To that end, we show analytically in the three-equation New Keynesian model that the asymptotic OLS bias is proportional to the fraction of the variance of regressors accounted for by monetary policy shocks. Using Monte Carlo simulation, we then show that this relationship also holds in a quantitative model of the U.
As monetary policy shocks explain only a small fraction of the variance of regressors typically included in monetary policy rules, the endogeneity bias is small. Using simulations, we show that, for realistic sample sizes, the OLS estimator of monetary policy parameters outperforms IV estimators.Working Paper (Revised September ) Turnover Liquidity and the Transmission of Monetary Policy Ricardo Lagos and Shengxing Zhang PDF Version.
Working Paper (September ) Macroprudential Policy with Leakages. This article focuses on the different aspects of the international financial market.
There are many influences on the international financial markets, and the article will provide an exploration. Research.
Joseph Doyle, MIT Sloan Curriculum Vitae. Published Papers. Birth Order and Delinquency: Evidence from Denmark and Florida (with Sanni Breining, David Figlio, Krzysztof Karbownik, and Je¤rey Roth).Journal of Labor Economics forthcoming..
Evaluating Measures of Hospital Quality (with John Graves and Jonathan Gruber).Review of Economics and Statistics forthcoming. AQR white papers, working papers, journal articles and more. Capital Markets Solutions from TCS BaNCS is a suite of products designed to help both buy-side and sell-side firms beat complexity and enable STP in trading.
Jul 04, · More than research papers have dealt with various aspects of the adoption of IFRS. 8 See Pope and McLeay Pope, P.
F. and McLeay, S. J. Capital market effects of mandatory IFRS reporting in the EU: empirical evidence (15 October ).