Levin, Andrew T.; Wieland, Volker; Williams, John C. - 2021
-difference of the federal funds rate responds to the current output gap and the deviaition of the 1-year average inflation rate from … Taylor (1993) and Henderson and McKibbin (1993), in which the level of the federal funds rate responds to the output gap and … output-inflation volatility frontier of each model for alternative specifications of the interest rate rule, subject to an …