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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). pp. 92-95.

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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
Divisions : Faculty of Arts and Social Sciences > School of Economics
Authors :
Gabriel, VJ
Levine, P
Spencer, C
Date : 2009
DOI : 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 : 31 Oct 2017 14:33

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