Monetary Policy Rules and the U.S. Business Cycle : Evidence and Implications /
This paper estimates Taylor-type interest rates for the United States allowing for both time and state dependence. It provides evidence that the coefficients of the Taylor rule change significantly over time, and that the behavior of the Federal Reserve over the cycle can be explained using a two-st...
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| Format: | Tidsskrift |
| Sprog: | English |
| Udgivet: |
Washington, D.C. :
International Monetary Fund,
2004.
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| Serier: | IMF Working Papers; Working Paper ;
No. 2004/164 |
| Online adgang: | Full text available on IMF |