Ashley, Richard; Tsang, Kwok Ping; Verbrugge, Randal John - Federal Reserve Bank of Cleveland - 2014
We estimate a monetary policy rule for the US allowing for possible frequency dependence—i.e., allowing the central …. Our results convincingly reject linearity in the monetary policy rule, in the sense that we find strong evidence for …'s monetary policy rule has varied between the Martin-Burns-Miller and the Volcker-Greenspan time periods. …