Cho, Seonghoon; Moreno, Antonio - In: Journal of Money, Credit and Banking 38 (2006) 6, pp. 1461-1481
This paper presents a small-sample study of the three-equation-three variable New-Keynesian macro model. While the point estimates imply that the Fed has been stabilizing inflation fluctuations since 1980, our econometric analysis suggests considerable uncertainty regarding the stance of the Fed...