Monetary vs. Credit Aggregates: An Evaluation of Monetary Policy Targets

Governance modes, policy regimes and operational plans: A multi-level nested model of policy instrument choice and policy design

“…At the core of policy design activities at this level, within the range set by abstract policy aims and implementation preferences and those related to governing capacities and assessments of market and governance failures, is the matching of specific program means to specific policy targets. Hood (1986); Howlett (2000b) Policy targets are sometimes set in legislation, as is the case with monetary and fiscal policy goals (McMillin and Fackler 1984), but often are less formally prescribed. However, they are established, though, they are requisite for effective policy implementation, (Kiviniemi 1986).…”

Lag length selection in vector autoregressive models: symmetric and asymmetric lags

“…Because an extensive iterative procedure is required to appropriately specify a Hsiao-type model even when the specific gravity criterion is applied (see McMillin and Fackler (1984)), this type of model is not considered in our Monte Carlo study. The coefficient estimates are available upon request, as are all the RATS programs used in the analysis.…”

Do Fine Wines Blend with Crude Oil? Seizing the Transmission of Mean and Volatility Between Two Commodity Prices

“…Following the work of McMillin and Fackler (1984) we pick a 2-lag length. Table 3 reports the results of Granger-causality between oil and wine.…”