Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/60932
Authors: 
Cúrdia, Vasco
Ferrero, Andrea
Cee Ng, Ging
Tambalotti, Andrea
Year of Publication: 
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

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