TY - BOOK ID - 11261378 TI - Dissecting Taylor Rules in a Structural VAR AU - Choi, Woon. AU - Wen, Yi. AU - International Monetary Fund. PY - 2010 SN - 1451918682 1282845284 1451962290 1452704643 9786612845284 1462316409 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Finance KW - Business & Economics KW - Money KW - Monetary policy KW - Taylor's rule. KW - Mathematical models. KW - Taylor rules KW - Mathematical models KW - Banks and Banking KW - Inflation KW - Macroeconomics KW - Economic Theory KW - Model Construction and Estimation KW - Monetary Policy KW - Price Level KW - Deflation KW - Macroeconomics: Production KW - Agriculture: Aggregate Supply and Demand Analysis KW - Prices KW - Interest Rates: Determination, Term Structure, and Effects KW - Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) KW - Economic theory & philosophy KW - Banking KW - Economic growth KW - Production growth KW - Supply shocks KW - Central bank policy rate KW - Business cycles KW - Production KW - Economic theory KW - Financial services KW - Supply and demand KW - Interest rates KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:11261378 AB - This paper uncovers Taylor rules from estimated monetary policy reactions using a structural VAR on U.S. data from 1959 to 2009. These Taylor rules reveal the dynamic nature of policy responses to different structural shocks. We find that U.S. monetary policy has been far more responsive over time to demand shocks than to supply shocks, and more aggressive toward inflation than output growth. Our estimated dynamic policy coefficients characterize the style of policy as a "bang-bang" control for the pre-1979 period and as a gradual control for the post-1979 period. ER -