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Estimated Interest Rate Rules: Do they Determine Determinacy Properties?

Henrik Jensen ()

No 7555, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: No. 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.

Keywords: Equilibrium determinacy; Estimated Taylor rules; Interest rate rules; Monetary policy; Rules vs. discretion. (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
Date: 2009-11
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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Journal Article: Estimated Interest Rate Rules: Do they Determine Determinacy Properties? (2011) Downloads
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