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- W2019091444 abstract "This paper estimates Taylor rules featuring instabilities in policy parameters, switches in policy shocks' volatility, and time-varying trend inflation using post-WWII U.S. data. The model embedding the stochastic target performs better in terms of data-fit and identification of the changes in the FOMC's chairmanships. Policy breaks are found not to be synchronized with variations in policy shocks' volatilities. Finally, we detect a negative correlation between systematic monetary policy aggressiveness and inflation gap persistence." @default.
- W2019091444 created "2016-06-24" @default.
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- W2019091444 date "2010-01-01" @default.
- W2019091444 modified "2023-09-23" @default.
- W2019091444 title "Policy Rules, Regime Switches, and Trend Inflation: An Empirical Investigation for the U.S." @default.
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- W2019091444 doi "https://doi.org/10.2139/ssrn.1680862" @default.
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