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Erscheinungsjahr: 
2009
Schriftenreihe/Nr.: 
Cardiff Economics Working Papers No. E2009/19
Verlag: 
Cardiff University, Cardiff Business School, Cardiff
Zusammenfassung: 
We calibrate a standard New Keynesian model with three alternative representations of monetary policy- an optimal timeless rule, a Taylor rule and another with interest rate smoothing- with the aim of testing which if any can match the data according to the method of indirect inference. We find that the only model version that fails to be strongly rejected is the optimal timeless rule. Furthermore this version can also account for the widespread finding of apparent Taylor rules and interest rate smoothing in the data, even though neither represents the true monetary policy.
Schlagwörter: 
Monetary policy
Kew Keynesian model
the target rule
Taylor-type rules
Bootstrap simulation
VAR
Indirect inference
Wald statistic
JEL: 
E12
E17
E42
E52
E58
Dokumentart: 
Working Paper

Datei(en):
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