Table 3 SMM estimates Parameter... | Emerald Publishing

Table 3

SMM estimates

Parameter	Description	Estimated value
$p_{R}$	Monetary shock persistence	0.8102*
$p_{Z}$	Technology shock persistence	0.7999*
$ρ_{\bar{π}}$	Shock to trend inflation persistence	0.9949*
$p_{g m}$	Money supply shock persistence	0.8500*
$100 δ_{R}$	Monetary shock volatility	0.0024 *
$100 δ_{Z}$	Technology shock volatility	0.0099*
$100 δ_{\bar{π}}$	Shock to trend inflation volatility	0.0007*
$100 δ_{g m}$	Money supply volatility	0.0025*
$ϕ_{π}$	Taylor coefficient on the inflation gap	2.4234*
$ϕ_{y}$	Taylor coefficient on the output gap	0.5000*
S1	Money supply coefficient on the inflation gap	1.9200*
S2	Money supply coefficient on the output gap	0.0800

Parameter	Description	Estimated value
$p_{R}$	Monetary shock persistence	0.8102*
$p_{Z}$	Technology shock persistence	0.7999*
$ρ_{\bar{π}}$	Shock to trend inflation persistence	0.9949*
$p_{g m}$	Money supply shock persistence	0.8500*
$100 δ_{R}$	Monetary shock volatility	0.0024 *
$100 δ_{Z}$	Technology shock volatility	0.0099*
$100 δ_{\bar{π}}$	Shock to trend inflation volatility	0.0007*
$100 δ_{g m}$	Money supply volatility	0.0025*
$ϕ_{π}$	Taylor coefficient on the inflation gap	2.4234*
$ϕ_{y}$	Taylor coefficient on the output gap	0.5000*
S1	Money supply coefficient on the inflation gap	1.9200*
S2	Money supply coefficient on the output gap	0.0800

Note(s): * means p_value< 0.05: statistically significant at 5% significance level

Source(s): Author's calculation