How forward-looking is the Fed? Direct estimates from a 'Calvo-type' rule
Gabriel, VJ, Levine, P and Spencer, C (2009) How forward-looking is the Fed? Direct estimates from a 'Calvo-type' rule Economics Letters, 104 (2). pp. 92-95.
GLS_pub.pdf - Accepted version Manuscript
We estimate an alternative type of monetary policy rule according to which the central bank targets a discounted infinite sum of expected inflation and output gaps. Empirical results suggest that the Fed has a mean forward horizon of 4 to 8 quarters.
|Divisions :||Faculty of Business, Economics and Law > Economics|
|Identification Number :||10.1016/j.econlet.2009.04.018|
|Additional Information :||NOTICE: this is the author’s version of a work that was accepted for publication in Economics Letters. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Economics Letters, 104(2), August 2009, DOI 10.1016/j.econlet.2009.04.018.|
|Depositing User :||Symplectic Elements|
|Date Deposited :||23 May 2012 13:11|
|Last Modified :||23 Sep 2013 19:23|
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