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01804cas a2200253 a 4500 |
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AALejournalIMF008704 |
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|c 5.00 USD
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|z 9781451874976
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Tchaidze, Robert.
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|a The Greenbook and U.S. Monetary Policy /
|c Robert Tchaidze.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2004.
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|a 1 online resource (23 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 Although very attractive both theoretically and empirically, Taylor rules imply mechanical responses by the policy variable (interest rate) to fundamental ones (inflation and output gap). This study looks for empirical evidence of a more sophisticated monetary policy, one which takes into account expected future developments. An important piece of information added is the "Greenbook" forecast series, calculated by the Federal Reserve staff and which allow evaluation of expected inflation shocks. These shocks are significant in the estimated Taylor rule, confirming that policymaking is forward looking. This paper also demonstrates that a simple Taylor rule may be a misspecification if policymakers have in mind a timevarying inflation target.
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|a Mode of access: Internet
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|a United States
|2 imf
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|a IMF Working Papers; Working Paper ;
|v No. 2004/213
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2004/213/001.2004.issue-213-en.xml
|z IMF e-Library
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