Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/212111 
Erscheinungsjahr: 
2008
Schriftenreihe/Nr.: 
Bank of Finland Research Discussion Papers No. 20/2008
Verlag: 
Bank of Finland, Helsinki
Zusammenfassung: 
This paper estimates regime-switching monetary policy rules featuring trend inflation using post-WWII US data. We find evidence in favour of regime shifts and time-variation of the inflation target. We also find a drop in the inflation gap persistence when entering the Great Moderation sample. Estimated Taylor rule parameters and regimes are robust across different monetary policy models. We propose an `internal consistency' test to discriminate among our estimated rules. Such a test relies upon a feedback mechanism running from the monetary policy stance to the inflation gap. Our results support the stochastic autoregressive process as the most consistent model for trend inflation, above all when conditioning to the post-1985 subsample.
Schlagwörter: 
active and passive Taylor rules
trend inflation
inflation gap persistence
Markov-switching models
JEL: 
E52
E61
E62
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-952-462-457-2
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe





Publikationen in EconStor sind urheberrechtlich geschützt.