The Use and Abuse of Taylor Rules : How Precisely Can We Estimate Them?

How Precisely Can We Estimate Them?

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. Under certain circumstances, estimations... READ MORE...

Publication date: July 2005
ISBN 9781451861679
$15.00

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