Arbeitspapier
Surprising comparative properties of monetary models: Results from a new model database
In this paper we investigate the comparative properties of empirically-estimated monetary models of the U.S. economy using a new database of models designed for such investigations. We focus on three representative models due to Christiano, Eichenbaum, Evans (2005), Smets and Wouters (2007) and Taylor (1993a). Although these models differ in terms of structure, estimation method, sample period, and data vintage, we find surprisingly similar economic impacts of unanticipated changes in the federal funds rate. However, optimized monetary policy rules differ across models and lack robustness. Model averaging offers an effective strategy for improving the robustness of policy rules.
- Sprache
-
Englisch
- Erschienen in
-
Series: IMFS Working Paper Series ; No. 66
- Klassifikation
-
Wirtschaft
Model Evaluation, Validation, and Selection
Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)
Monetary Policy
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Taylor, John B.
Wieland, Volker
- Ereignis
-
Veröffentlichung
- (wer)
-
Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2012
- Handle
- URN
-
urn:nbn:de:hebis:30:3-278724
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Taylor, John B.
- Wieland, Volker
- Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS)
Entstanden
- 2012
Ähnliche Objekte (12)
Surprising comparative properties of monetary models: Results from a new model database
Surprising comparative properties of monetary models: Results from a new data base
Zur Qualität der Dokumentation der Schockraumversorgung schwer Traumatisierter : ein Vergleich von primär EDV-gestützter und handschriftlicher Dokumentation
Money in monetary policy design: Monetary cross-checking in the New-Keynesian model
Money in monetary policy design: Monetary cross-checking in the New-Keynesian Model
Monetary policy, parameter uncertainty and optimal learning
Monetary Policy and Uncertainty about the Natural Unemployment Rate
Learning, endogenous indexation and disinflation in the New-Keynesian model
Complexity and monetary policy
Complexity and monetary policy
The performance of forecast-based monetary policy rules under model uncertainty
The performance of forecast-based monetary policy rules under model uncertainty
Surprising comparative properties of monetary models: Results from a new model database
Surprising comparative properties of monetary models: Results from a new data base
Zur Qualität der Dokumentation der Schockraumversorgung schwer Traumatisierter : ein Vergleich von primär EDV-gestützter und handschriftlicher Dokumentation
Money in monetary policy design: Monetary cross-checking in the New-Keynesian model
Money in monetary policy design: Monetary cross-checking in the New-Keynesian Model
Monetary policy, parameter uncertainty and optimal learning
Monetary Policy and Uncertainty about the Natural Unemployment Rate
Learning, endogenous indexation and disinflation in the New-Keynesian model
Complexity and monetary policy
Complexity and monetary policy
The performance of forecast-based monetary policy rules under model uncertainty
The performance of forecast-based monetary policy rules under model uncertainty
Surprising comparative properties of monetary models: Results from a new model database
Surprising comparative properties of monetary models: Results from a new data base
Zur Qualität der Dokumentation der Schockraumversorgung schwer Traumatisierter : ein Vergleich von primär EDV-gestützter und handschriftlicher Dokumentation
Money in monetary policy design: Monetary cross-checking in the New-Keynesian model
Money in monetary policy design: Monetary cross-checking in the New-Keynesian Model
Monetary policy, parameter uncertainty and optimal learning
Monetary Policy and Uncertainty about the Natural Unemployment Rate
Learning, endogenous indexation and disinflation in the New-Keynesian model
Complexity and monetary policy
Complexity and monetary policy
The performance of forecast-based monetary policy rules under model uncertainty