Lee, Kevin; Morley, James; Sheields, Kalvinder - Department of Economics, Faculty of Business and Economics - 2011
This paper provides a characterisation of U.S. monetary policy within a generalized Taylor rule framework that … parameter and stochastic uncertainties inherent in traditional Taylor rule analysis. Our approach involves estimation and … techniques. Employing data that were available in real time, the estimated version of the ‘meta’ Taylor rule provides a flexible …