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| Title: | | Evaluating interest rate rules in an estimated DSGE model  |
| Authors: | | Cúrdia, Vasco Ferrero, Andrea Cee Ng, Ging Tambalotti, Andrea |
| Issue Date: | | 2011 |
| Series/Report no.: | | Staff Report, Federal Reserve Bank of New York 510 |
| Abstract: | | The empirical DSGE (dynamic stochastic general equilibrium) literature pays surprisingly little attention to the behavior of the monetary authority. Alternative policy rule specifications abound, but their relative merit is rarely discussed. We contribute to filling this gap by comparing the fit of a large set of interest rate rules (fifty-five in total), which we estimate within a simple New Keynesian model. We find that specifications in which monetary policy responds to inflation and to deviations of output from its efficient level |
| Subjects: | | the one that would prevail in the absence of distortions |
| JEL: | | E48 E58 C11 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Staff Reports, Federal Reserve Bank of New York
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