CEU Electronic Theses and Dissertations, 2007
| Author | Abdullina, Aida |
|---|---|
| Title | Estimation of the Monetary Policy Reaction Function of the National Bank of Kazakhstan |
| Summary | This paper analyzes the monetary policy of the National Bank of Kazakhstan from the outset of transition period, with focus on determining whether it was conducted in a rule-like fashion with respect to key macroeconomic indicators. For this, reaction functions of the form introduced by Taylor (1993), modified by Clarida et al. (1998) are estimated for the period of 1994-2006. The results provide evidence of strict monetary policy stance with respect to inflation, level of economic activity and the real effective exchange rate of the domestic currency. In addition, to account for the important role played by sterilization policy, alternative reaction function of the type described by Obstfeld M. (1983) is estimated. The obtained sterilization coefficient can be interpreted in terms of both the extent of sterilization policy and the degree of independence of the National Bank. |
| Supervisor | Péter Mihályi |
| Department | Economics MA |
| Full text | https://www.etd.ceu.edu/2007/c05aba01.pdf |
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