Bhattacharjee, Arnab; Thoenissen, Christoph - Centre for Dynamic Macroeconomic Analysis, University … - 2005
an estimated interest rate feedback rule imply counter-cyclical policy and inflation rates, which is at odds with the …-in-advance constraint, as well as two ways of modelling monetary policy: interest rate feedback rule and money growth rules. As an aid to …. We find that
the models closed by an estimated interest rate feedback rule imply counter-cyclical
policy and inflation …