Levin, Andrew Theo; Wieland, Volker; Williams, John C. - National Bureau of Economic Research (NBER) - 1998
output-inflation volatility frontier of each model for alternative specifications of the interest rate rule, subject to an …-difference of the federal funds rate responds to the current output gap and the deviaition of the 1-year average inflation rate from … inflation deviation fromt target. Furthermore, first-difference rules generate essentially the same policy frontier as more …