Simple Monetary Policy Rules Under Model Uncertainty

Simple Monetary Policy Rules Under Model Uncertainty
Using stochastic simulations and stability analysis, the paper compares how different monetary rules perform in a moderately nonlinear model with a time-varying nonaccelerating-inflation-rate-of-unemployment (NAIRU). Rules that perform well in linear models but implicitly embody backward-looking measures of real interest rates (such as... READ MORE...

Publication date: May 1999
ISBN 9781451849714
$15.00

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