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Uncertainty and Monetary Policy Rules in the United States

Christopher Martin () and Costas Milas ()

No KERP 2005/10, Keele Economics Research Papers from Centre for Economic Research, Keele University

Abstract: This paper analyses the impact of uncertainty on monetary policy rules in the US since the early 1980s. Extending the Taylor rule to allow the response of interest rates to inflation and the output gap to depend on uncertainty, we find evidence that the predictions of the theoretical literature on responses to uncertainty are reflected in the behaviour of policymakers, suggesting that policymakers are adhering to prescriptions for optimal policy.

Keywords: Monetary policy; Uncertainty. (search for similar items in EconPapers)
JEL-codes: C51 C52 E52 E58 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2005-07
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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Related works:
Journal Article: UNCERTAINTY AND MONETARY POLICY RULES IN THE UNITED STATES (2009) Downloads
Working Paper: Uncertainty and Monetary Policy Rules in the United States (2005) Downloads
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