The Use and Abuse of Taylor Rules: How Precisely Can We Estimate Them?
This paper draws attention to inconsistencies in estimating simple monetary policy rules and their implications for policy advice. We simulate a macroeconomic model with a backward reaction function similar to Taylor (1993). We estimate different versions of a policy rule, using these simulated data.
Year of publication: |
2008-08
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Authors: | Carare, Alina ; Tchaidze, Robert |
Institutions: | Faculty of Economics and Business, Tbilisi State University |
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