Rudebusch, Glenn D.; Sack, Brian P.; Swanson, Eric T. - Federal Reserve Bank of San Francisco - 2006
setting of the stance of monetary policy, as
described by Federal Reserve Chairman Ben Bernanke (2006):
To the extent that the … the present paper.
14
Bernanke, Reinhart, and Sack (2005), denoted BRS, employ a similar model but assume
that the state …
Bernanke expressed in his March 2006 speech (see the introduction). The empirical studies
to date suggest that, if anything …