specification error when estimated on real data. I devise a policy rule estimation procedure, which is robust to marginal … misspecification, and study the effects of specification error in least squares. I find the robust evidence of upward bias in policy …

co-driven by a decision to follow a rule or not. Consequently, some observations are censored and cause bias in … a new method for monetary policy rule estimation and demonstrate its ability to outperform the existing conventional …

achieve efficiency in estimation by employing the standardized prediction errors for inflation and GDP gap as bias correction …In this paper, we consider estimation of a time-varying parameter model for a forward-looking monetary policy rule, by …