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Estimating the market-perceived monetary policy rule

Hamilton, James D.; Pruitt, Seth; Borger, Scott - 2010

"We introduce a novel method for estimating a monetary policy rule using macroeconomic news. We estimate directly the policy rule agents use to form their expectations by linking news' effects on forecasts of both economic conditions and monetary policy. Evidence between 1994 and 2007 indicates...

Persistent link: https://www.econbiz.de/10008688901