Simple rules for monetary policy
Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, 1999 - Business & Economics - 38 pages
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adaptive expectations adjustment cost autocorrelations bond rate coefﬁcients coeﬁicient computed constraint on interest dynamics effect efﬁcient policies eﬁicient employment cost index equations equilibrium error bands federal funds rate Federal Reserve ﬁgure fimds rate ﬁnd ﬁrms ﬁrst ﬁrst-difference ﬁve FRB/US model frontier policies frontier rules Fuhrer Henderson and McKibbin 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 Reifschneider resource utilization robust control Rudebusch and Svensson rules that react saddle point short-term interest rates simple rules Small-scale Backward-looking Model speciﬁcation stabilization costs stabilize inﬂation standard deviation standard error Taylor unemployment VAR-based expectations variance zero bound