A quantitative exploration of the opportunistic approach to disinflation
Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, 1997 - Business & Economics - 30 pages
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aggregate demand algorithm Approach to Disinﬂation conditional expectation conventional policymaker conventional rules conventionalist decision rule demand shocks Densities deviation of inﬂation deviation of output distributions of inﬂation Economics Discussion Series Efﬁciency estimated favorable supply shocks Federal Funds Rate Federal Reserve System Finance and Economics ﬂat future shocks Henderson and McKibbin Henderson-McKibbin policymaker Henderson-McKibbin rule inﬂation and output inﬂation gaps inﬂation penalty inﬂation rate inﬂation target inﬂation zone intermediate target long-run target McKibbin speciﬁcation Monetary Policy monetary policy rule nominal interest rate Opportunistic Approach opportunistic policymaker opportunistic region opportunistic rule Orphanides and Wilcox output and inﬂation output at potential output gap output loss panel shows parameterizations parameters percentage points potential output quarters rational expectations model real interest rate real rate real wage recession reﬂecting right panel short-term nominal interest slope stabilizing output standard deviation stochastic simulations target zone Taylor and Williams Taylor rule variability of inﬂation variance zone of opportunism