Policy rules in macroeconomic forecasting models

This Commentary describes how some of the Cleveland Fed’s macroeconomic forecasting models have been modified to use a Taylor rule for monetary policy. After briefly describing the Taylor rule implementation, the article shows that the Taylor rule included in one of our models successfully captures the course of monetary policy in the most recent episode of policy tightening.

MoreLess

Year of publication:	2012
Authors:	Clark, Todd E.
Published in:	Economic Commentary. - Federal Reserve Bank of Cleveland. - 2012, Oct, 16
Publisher:	Federal Reserve Bank of Cleveland
Subject:	Taylor's rule \| Monetary policy \| Macroeconomics \| Forecasting

More details

Extent:	application/pdf
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011234954