Price level trend-stationarity and the instruments and targets of monetarypolicy: An empirical note

Authors
Kugler, P
Citation
P. Kugler, Price level trend-stationarity and the instruments and targets of monetarypolicy: An empirical note, ECON LETT, 63(1), 1999, pp. 97-101
Citations number
12
Categorie Soggetti
Economics
Journal title
ECONOMICS LETTERS
ISSN journal
01651765 → ACNP
Volume
63
Issue
1
Year of publication
1999
Pages
97 - 101
Database
ISI
SICI code
0165-1765(199904)63:1<97:PLTATI>2.0.ZU;2-W
Abstract
The application of a stationarity test to floating exchange rate period dat a indicates a trend reverting price level in Switzerland with a base money targeting central bank whereas for the countries with interest rate oriente d monetary policy (Germany, Japan, UK, USA) the data suggest a difference s tationary or trend break behavior of the price level. (C) 1999 Elsevier Sci ence S.A. All rights reserved.