Using extraneous information to analyze monetary policy in transition economies
By: by William T. Gavin and David M. Kemme.
Contributors: Kemme, David M.; Federal Reserve Bank of St. Louis.
Series: Working paper ;; 2004-034A; Working paper (Federal Reserve Bank of St. Louis : Online) ;; 2004-034A.
Publisher: Federal Reserve Bank of St. Louis
Published: 2004
Place of publication: [St. Louis, Mo.]
Language: eng
Format: Electronic resource
Subjects: Monetary policy.; Comparative economics.
Description: "Empirical work in macroeconomics is plagued by small sample size and large idiosyncratic variation.  This problem is especially severe in the case of transition economies.  We use a mixed estimation method incorporating information from OECD country data to estimate the parameters of a reduced-form transition economy model.  An exactly identified structural VAR model is then constructed to analyze monetary policy.  The OECD information increases the precision of the impulse response functions in the transition economies.  The method provides a systematic way to use extraneous information to analyze monetary policy in the transition economies where data availability is limited"--Federal Reserve Bank of St. Louis web site.
Notes: Includes bibliographical references.
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Mode of access: World Wide Web.