Estimating the Implicit Inflation Target : An Application to U.S. Monetary Policy /
This paper proposes a new method of estimating the Taylor rule with a time-varying implicit inflation target and a time-varying natural rate of interest. The inflation target and the natural rate are modeled as random walks and are estimated using maximum likelihood and the Kalman filter. I apply th...
| Auteur principal: | |
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| Format: | Revue |
| Langue: | English |
| Publié: |
Washington, D.C. :
International Monetary Fund,
2005.
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| Collection: | IMF Working Papers; Working Paper ;
No. 2005/077 |
| Accès en ligne: | Full text available on IMF |