| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16412 |
| 来源ID | Working Paper 16412 |
| Estimating the Market-Perceived Monetary Policy Rule | |
| James D. Hamilton; Seth Pruitt; Scott Borger | |
| 发表日期 | 2010-09-30 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | We introduce a novel method for estimating a monetary policy rule using macroeconomic news. We estimate directly the policy rule agents use to form their expectations by linking news' effects on forecasts of both economic conditions and monetary policy. Evidence between 1994 and 2007 indicates that the market-perceived Federal Reserve policy rule changed: the output response vanished, and the inflation response path became more gradual but larger in long-run magnitude. These response coefficient estimates are robust to measurement and theoretical issues with both potential output and the inflation target. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w16412 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574087 |
| 推荐引用方式 GB/T 7714 | James D. Hamilton,Seth Pruitt,Scott Borger. Estimating the Market-Perceived Monetary Policy Rule. 2010. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16412.pdf（329KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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