Jondeau, E.; Le Bihan, H. - Banque de France - 2000
In this paper, we estimate two small, forward-looking, macroeconomic models for the US and Germany and we compare the … while allowing for some forward-looking behavior. They are estimated from 1968 to 1998, using the full-information maximum …-likelihood procedure, so that forward-looking expectations are fully model-consistent. In order to evaluate monetary policy, we compute …