English, Article, Journal or magazine article edition: Uncovering the Goodhart's Law: Theory and Evidence Yosuke Takeda; Atsuko Ueda

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Bookmark: http://trove.nla.gov.au/version/30614
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Uncovering the Goodhart's Law: Theory and Evidence
Author
  • Yosuke Takeda
  • Atsuko Ueda
Physical Description
  • preprint
Notes
  • This paper addresses the Goodhart's Law in a cash-in-advance economy with monetary policy regime switching. Using the Japanese data of the money velocity, we found that although our cash-credit model fails to generate a downward trend in the actual velocity, the model succeeds in terms of velocity's variation and correlations with money growth rates or nominal interest rates, with procyclicality of velocity unpredictable.
  • Goodhart' Law; velocity of money; Taylor rule; Markov regime swiching; cash-credit model
  • RePEc:red:sed006:162
Language
  • English
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