Osborn, Denise R.; Kim, Dong Heon; Sensier, Marianne - In: Journal of Applied Econometrics 20 (2005) 5, pp. 621-639
This paper investigates the nature of nonlinearities in the monetary policy rule of the US Federal Reserve (Fed) using the flexible approach to nonlinear inference. We find that while there is significant evidence of nonlinearity for the period to 1979, there is little such evidence for the...