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|c 5.00 USD
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|z 9781451849714
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|a 1018-5941
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|a Eliasson, Ann-Charlotte.
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|a Simple Monetary Policy Rules Under Model Uncertainty /
|c Ann-Charlotte Eliasson, Peter Isard, Douglas Laxton.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1999.
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| 300 |
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|a 1 online resource (60 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a Using stochastic simulations and stability analysis, the paper compares how different monetary rules perform in a moderately nonlinear model with a time-varying nonaccelerating-inflation-rate-of-unemployment (NAIRU). Rules that perform well in linear models but implicitly embody backward-looking measures of real interest rates (such as conventional Taylor rules) or substantial interest rate smoothing perform very poorly in models with moderate nonlinearities, particularly when policymakers tend to make serially correlated errors in estimating the NAIRU. This challenges the practice of evaluating rules within linear models, in which the consequences of responding myopically to significant overheating are extremely unrealistic.
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|a Mode of access: Internet
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|a Isard, Peter.
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|a Laxton, Douglas.
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|a IMF Working Papers; Working Paper ;
|v No. 1999/075
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/1999/075/001.1999.issue-075-en.xml
|z IMF e-Library
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