| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12553 |
| DP12553 Measuring monetary policy deviations from the Taylor rule | |
| Nuno Palma; João Madeira | |
| 发表日期 | 2018-01-02 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We estimate deviations of the federal funds rate from the Taylor rule by taking into account the endogeneity of output and inflation to changes in interest rates. We do this by simulating the paths of these variables through a DSGE model using the estimated time series for the exogenous processes except for monetary shocks. We then show that taking the endogeneity of output and inflation into account can make a significant quantitative difference (which can exceed 40 basis points) when calculating the appropriate value of interest rates according to the Taylor rule. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Interest rates New keynesian models Sticky prices Dsge Business cycles Bayesian estimation |
| URL | https://cepr.org/publications/dp12553 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541364 |
| 推荐引用方式 GB/T 7714 | Nuno Palma,João Madeira. DP12553 Measuring monetary policy deviations from the Taylor rule. 2018. |
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