Monetary policy rules in Malaysia, Singapore and Thailand
This paper investigates whether monetary policies in Malaysia, Thailand and Singapore are best represented by either the Taylor rule or the augmented Taylor rule. It finds that the augmented Taylor rule, which incorporates the exchange rate and government spending, best represents monetary policies...
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Bank Indonesia Institute
2020
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Online Access: | http://psasir.upm.edu.my/id/eprint/86824/1/Monetary%20policy%20rules%20in%20Malaysia%2C%20Singapore%20.pdf http://psasir.upm.edu.my/id/eprint/86824/ https://www.bmeb-bi.org/index.php/BEMP/article/view/1112 |
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my.upm.eprints.868242021-10-08T08:24:52Z http://psasir.upm.edu.my/id/eprint/86824/ Monetary policy rules in Malaysia, Singapore and Thailand Tan, Chai Thing Mohamed, Azali This paper investigates whether monetary policies in Malaysia, Thailand and Singapore are best represented by either the Taylor rule or the augmented Taylor rule. It finds that the augmented Taylor rule, which incorporates the exchange rate and government spending, best represents monetary policies in these countries. The results show that past inflation and the output gap play a role in the monetary policy reaction function in Malaysia and Thailand. The results further show a strong preference towards interest rate smoothing, government spending, and the exchange rate by the central banks. Bank Indonesia Institute 2020-12-31 Article PeerReviewed text en http://psasir.upm.edu.my/id/eprint/86824/1/Monetary%20policy%20rules%20in%20Malaysia%2C%20Singapore%20.pdf Tan, Chai Thing and Mohamed, Azali (2020) Monetary policy rules in Malaysia, Singapore and Thailand. Buletin Ekonomi Moneter dan Perbankan, 23 (4). 565 - 596. ISSN 1410-8046; ESSN: 2460-9196 https://www.bmeb-bi.org/index.php/BEMP/article/view/1112 10.21098/bemp.v23i4.1112 |
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This paper investigates whether monetary policies in Malaysia, Thailand and Singapore are best represented by either the Taylor rule or the augmented Taylor rule. It finds that the augmented Taylor rule, which incorporates the exchange rate and government spending, best represents monetary policies in these countries. The results show that past inflation and the output gap play a role in the monetary policy reaction function in Malaysia and Thailand. The results further show a strong preference towards interest rate smoothing, government spending, and the exchange rate by the central banks. |
format |
Article |
author |
Tan, Chai Thing Mohamed, Azali |
spellingShingle |
Tan, Chai Thing Mohamed, Azali Monetary policy rules in Malaysia, Singapore and Thailand |
author_facet |
Tan, Chai Thing Mohamed, Azali |
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Tan, Chai Thing |
title |
Monetary policy rules in Malaysia, Singapore and Thailand |
title_short |
Monetary policy rules in Malaysia, Singapore and Thailand |
title_full |
Monetary policy rules in Malaysia, Singapore and Thailand |
title_fullStr |
Monetary policy rules in Malaysia, Singapore and Thailand |
title_full_unstemmed |
Monetary policy rules in Malaysia, Singapore and Thailand |
title_sort |
monetary policy rules in malaysia, singapore and thailand |
publisher |
Bank Indonesia Institute |
publishDate |
2020 |
url |
http://psasir.upm.edu.my/id/eprint/86824/1/Monetary%20policy%20rules%20in%20Malaysia%2C%20Singapore%20.pdf http://psasir.upm.edu.my/id/eprint/86824/ https://www.bmeb-bi.org/index.php/BEMP/article/view/1112 |
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