Utilize este identificador para referenciar este registo:
https://hdl.handle.net/1822/11685
Título: | How forward-looking is the fed? Direct estimates from a ‘Calvo-type’ rule |
Autor(es): | Gabriel, Vasco J. Levine, Paul Spencer, Christopher |
Palavras-chave: | Calvo-type interest rules Inflation forecast based rules GMM Indeterminacy |
Data: | 2008 |
Editora: | Universidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE) |
Citação: | “NIPE - Working Paper Series”. 9 (2008) 1-10. |
Resumo(s): | We estimate an alternative type of monetary policy rule, termed Calvo rule, according to which the central bank is assumed to target a discounted infinite sum of future expected inflation. Compared to conventional inflation forecast-based rules, which are typically of the Taylor-type with discrete forward looking horizons, this class of rule is less prone to the problem of indeterminacy. Parameter estimates obtained from GMM estimation provide support for Calvo-type rules, suggesting that the Federal Reserve targeted a mean forward horizon of between 4 and 8 quarters. |
Tipo: | Documento de trabalho |
URI: | https://hdl.handle.net/1822/11685 |
Arbitragem científica: | no |
Acesso: | Acesso aberto |
Aparece nas coleções: | NIPE - Documentos de Trabalho |
Ficheiros deste registo:
Ficheiro | Descrição | Tamanho | Formato | |
---|---|---|---|---|
NIPE_WP_9_2008.pdf | Documento principal | 379,24 kB | Adobe PDF | Ver/Abrir |