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The parameters of the Taylor rule relating interest rates to inflation and other variables are not identified in new-Keynesian models. Thus, Taylor rule regressions cannot be used to argue that the Fed conquered inflation by moving from a "passive" to an "active" policy in the early 1980s.
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Subjects
Inflation (Finance), Mathematical modelsEdition | Availability |
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1
Identification with Taylor Rules: a critical review
2007, National Bureau of Economic Research
in English
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Book Details
Edition Notes
"September 2007"
Includes bibliographical references (p. 41-43).
Also available in PDF from the NBER World Wide Web site (www.nber.org).
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December 19, 2020 | Edited by MARC Bot | import existing book |
December 3, 2010 | Edited by Open Library Bot | Added subjects from MARC records. |
December 10, 2009 | Created by WorkBot | add works page |