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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). 92 - 95. ISSN 0165-1765

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Abstract

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.

Item Type: Article
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.
Divisions: Faculty of Business, Economics and Law > Economics
Depositing User: Symplectic Elements
Date Deposited: 23 May 2012 13:11
Last Modified: 23 Sep 2013 19:23
URI: http://epubs.surrey.ac.uk/id/eprint/436674

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