Arbeitspapier
Evaluating interest rate rules in an estimated DSGE model
The empirical DSGE (dynamic stochastic general equilibrium) literature pays surprisingly little attention to the behavior of the monetary authority. Alternative policy rule specifications abound, but their relative merit is rarely discussed. We contribute to filling this gap by comparing the fit of a large set of interest rate rules (fifty-five in total), which we estimate within a simple New Keynesian model. We find that specifications in which monetary policy responds to inflation and to deviations of output from its efficient level
- Language
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Englisch
- Bibliographic citation
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Series: Staff Report ; No. 510
- Classification
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Wirtschaft
Central Banks and Their Policies
Bayesian Analysis: General
- Subject
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the one that would prevail in the absence of distortions
- Event
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Geistige Schöpfung
- (who)
-
Cúrdia, Vasco
Ferrero, Andrea
Cee Ng, Ging
Tambalotti, Andrea
- Event
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Veröffentlichung
- (who)
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Federal Reserve Bank of New York
- (where)
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New York, NY
- (when)
-
2011
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Cúrdia, Vasco
- Ferrero, Andrea
- Cee Ng, Ging
- Tambalotti, Andrea
- Federal Reserve Bank of New York
Time of origin
- 2011
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