Ser Ies No 643 / June 2006 Inflation Forecast - Based - Rules and Indeterminacy
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چکیده
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منابع مشابه
The Performance of Forecast-Based Monetary Policy Rules under Model Uncertainty∗ Andrew Levin Board of Governors of the Federal Reserve System
We investigate the performance of forecast-based monetary policy rules using five macroeconomic models that reflect a wide range of views on aggregate dynamics. We identify the key characteristics of rules that are robust to model uncertainty: such rules respond to the one-year-ahead inflation forecast and to the current output gap and incorporate a substantial degree of policy inertia. In cont...
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