Simple Rules for Monetary PolicyDivisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, 1999 - Monetary policy - 34 pages |
Common terms and phrases
adaptive expectations adjustment cost autocorrelations bond rate coefficients computed constraint on interest constraint on nominal current output gap dynamics economy effect employment cost index equations equilibrium error bands federal funds rate Federal Reserve first-difference rules FRB/US model frontier policies frontier rules Fuhrer Henderson and McKibbin inflation 3-year inflation inflation and output inflation measure inflation targeting interest rate variability lagged funds rate Lengwiler level targeting rule Levin long-run macroeconometric model measure of inflation model uncertainty monetary policy rules multi-period inflation rate NAIRU nominal interest rates outcomes output and inflation overshoot paper parameter uncertainty parameter values Phillips curve policy frontiers policy response price level targeting rational expectations models reaction function real funds rate Reifschneider resource utilization robust control Rudebusch and Svensson rules that react saddle point short-term interest rates simple rules stabilization costs stabilize inflation Taylor unemployment VAR-based expectations variance Volker Wieland zero bound σπ σπ