Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/97757
Authors: 
Taylor, John B.
Wieland, Volker
Year of Publication: 
2012
Series/Report no.: 
IMFS Working Paper Series 66
Abstract: 
In this paper we investigate the comparative properties of empirically-estimated monetary models of the U.S. economy using a new database of models designed for such investigations. We focus on three representative models due to Christiano, Eichenbaum, Evans (2005), Smets and Wouters (2007) and Taylor (1993a). Although these models differ in terms of structure, estimation method, sample period, and data vintage, we find surprisingly similar economic impacts of unanticipated changes in the federal funds rate. However, optimized monetary policy rules differ across models and lack robustness. Model averaging offers an effective strategy for improving the robustness of policy rules.
JEL: 
C52
E30
E52
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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