The Use and Abuse of Taylor Rules: How Precisely Can We Estimate Them?
Alina Carare () and
No 006-08, Working Papers from International School of Economics at TSU, Tbilisi, Republic of Georgia
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.
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Working Paper: The Use and Abuse of Taylor Rules; How Precisely Can We Estimate Them? (2005)
Working Paper: The Use and Abuse of Taylor Rules: How precisely can we estimate them? (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:tbs:wpaper:08-006
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