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Asymmetric expectation effects of regime shifts and the great moderation

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Asymmetric expectation effects of regime shifts and the great moderation

Liu, Zheng (contributor); Waggoner, Daniel F. (contributor); … - 2007

We assess the quantitative importance of expectation effects of regime shifts in monetary policy in a DSGE model that allows the monetary policy rule to switch between a "bad" regime and a "good" regime. When agents take into account such regime shifts in forming expectations, the expectation...