Orphanides, Athanasios; Williams, John C. - Federal Reserve Board (Board of Governors of the … - 2007
private learning and misperceptions of natural rates call for greater policy inertia, a more aggressive response to inflation …We examine the performance and robustness properties of monetary policy rules in an estimated macroeconomic model in … structural equations for inflation,
the unemployment gap, the federal funds rate (the monetary policy rule), the forecasting …