Estimated Interest Rate Rules: Do they Determine Determinacy Properties?
Henrik Jensen ()
The B.E. Journal of Macroeconomics, 2011, vol. 11, issue 1, 1-22
I demonstrate that econometric estimations of nominal interest rate rules may tell little, if anything, about an economy's determinacy properties. In particular, correct inference about the interest-rate response to inflation provides no information about determinacy. Instead, it could reveal whether optimal monetary policymaking is performed under discretion or commitment.
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Working Paper: Estimated Interest Rate Rules: Do they Determine Determinacy Properties? (2009)
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