NDLI: HOW FORWARD-LOOKING IS THE FED ? DIRECT ESTIMATES FROM A ‘ CALVO-TYPE ’ RULE By

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HOW FORWARD-LOOKING IS THE FED ? DIRECT ESTIMATES FROM A ‘ CALVO-TYPE ’ RULE By

Content Provider	Semantic Scholar
Author	Spencer, Christopher
Copyright Year	2008
Abstract	We estimate an alternative type of monetary policy rule, termed Calvo rule, according to which the central bank is assumed to target a discounted innite sum of future expected ination. Compared to conventional ination forecast-based rules, which are typically of the Taylor-type with discrete forward looking horizons, this class of rule is less prone to the problem of indeterminacy. Parameter estimates obtained from GMM estimation provide support for Calvo-type rules, suggesting that the Federal Reserve targeted a mean forward horizon of between 4 and 8 quarters. Key Words: Calvo-type interest rules; Ination Forecast Based rules; GMM; Indeterminacy JEL Classication: C22; E58 The rst author acknowledges nancial support from ESRC grant RES-061-25-0115. The usual disclaimer applies.
File Format	PDF HTM / HTML
Alternate Webpage(s)	http://epubs.surrey.ac.uk/436674/1/GLS_pub.pdf
Alternate Webpage(s)	https://www.surrey.ac.uk/economics/files/dpaperspdf/2008_DP05-08.pdf
Alternate Webpage(s)	http://www.nipe.eeg.uminho.pt/Uploads/WP_1999-2008/NIPE_WP_9_2008.pdf
Language	English
Access Restriction	Open
Subject Keyword	Appendix Bank (environment) Cations Complement System Proteins DDX50 gene Email Estimated Fax Gm(m) Google Map Maker HTTP Public Key Pinning Indeterminacy in concurrent computation Money Naruto Shippuden: Clash of Ninja Revolution 3 Projections and Predictions Real-time transcription Rule (guideline) Silo (dataset) Type rule Uniform Resource Identifier cellular targeting disclaimer
Content Type	Text
Resource Type	Article

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