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...
| Príomhchruthaitheoir: | |
|---|---|
| Formáid: | IRIS |
| Teanga: | English |
| Foilsithe / Cruthaithe: |
Washington, D.C. :
International Monetary Fund,
2005.
|
| Sraith: | IMF Working Papers; Working Paper ;
No. 2005/077 |
| Rochtain ar líne: | Full text available on IMF |