Identification with Taylor Rules
a critical review
Edición de la obra Identification with Taylor Rules
| Autor | John H. Cochrane |
|---|---|
| Editorial | National Bureau of Economic Research |
| Fecha de publicación | 2007 |
| Lugar | Cambridge, Mass |
| Idioma | inglés |
| Páginas | 43 |
| OCLC | 173651163 |
| LCCN | 2007616539 |
| Serie | NBER working paper series -- no. 13410. · Working paper series (National Bureau of Economic Research) -- working paper no. 13410. |
| Número de Cutter | C663i |
The parameters of the Taylor rule relating interest rates to inflation and other variables are not identified in new-Keynesian models. Thus, Taylor rule regressions cannot be used to argue that the Fed conquered inflation by moving from a "passive" to an "active" policy in the early 1980s.