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The Use and Abuse of Taylor Rules: How Precisely Can We Estimate Them?

Alina Carare () and Robert Tchaidze

No 006-08, Working Papers from International School of Economics at TSU, Tbilisi, Republic of Georgia

Abstract: This paper draws attention to inconsistencies in estimating simple monetary policy rules and their implications for policy advice. We simulate a macroeconomic model with a backward reaction function similar to Taylor (1993). We estimate different versions of a policy rule, using these simulated data.

Date: 2008-08
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http://www.iset.ge/files/006-08.pdf First version, 2008 (application/pdf)

Related works:
Working Paper: The Use and Abuse of Taylor Rules; How Precisely Can We Estimate Them? (2005) Downloads
Working Paper: The Use and Abuse of Taylor Rules: How precisely can we estimate them? (2004) Downloads
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