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Erscheinungsjahr: 
2003
Schriftenreihe/Nr.: 
Danmarks Nationalbank Working Papers No. 11
Verlag: 
Danmarks Nationalbank, Copenhagen
Zusammenfassung: 
Based on the equilibrium correction structure of a cointegrated vector autoregression it is rejected that US monetary policy 1988-2002 can be described by a traditional Taylor (1993) rule. Instead we find a stable long-term relationship between the Federal funds rate, the unemployment rate, and the long-term interest rate, with deviations from the long-term relation being corrected primarily via changes in Federal funds rate. This is taken as an indication that the FOMC sets interest rates with a view to activity and to expected inflation and other conditions available in financial markets.
Schlagwörter: 
Taylor rule
Bond rate
Cointegration
Equilibrium Correction
JEL: 
C32
E52
Dokumentart: 
Working Paper
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