Leigh, Daniel (contributor) - 2004 - [Elektronische Ressource]
. Thus, if the economy is in
a long recession towards the end of the sample, as in the case of Japan, the
HP filter output … spiral.
10
The parameters in this model are functions of underlying structural parameters, such
as labor supply and demand … target declined to about 1% in the 1990s from about
2.5% in the 1980s. I also find that the policy rule respects the Tay-
lor …