The Use and Abuse of Taylor Rules : How Precisely Can We Estimate Them? /
This paper draws attention to inconsistencies in estimating simple monetary policy rules and their implications for policy advice. We simulate a macroeconomic model with a backward reaction function similar to Taylor (1993). We estimate different versions of a policy rule, using these simulated data...
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| Formaat: | Tijdschrift |
| Taal: | English |
| Gepubliceerd in: |
Washington, D.C. :
International Monetary Fund,
2005.
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| Reeks: | IMF Working Papers; Working Paper ;
No. 2005/148 |
| Online toegang: | Full text available on IMF |