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Monetary Policy Rules Based on Real-Time Data Author info | Abstract | Publisher info | Download info | Related research | Statistics Athanasios Orphanides
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This paper examines the magnitude of informational problems associated with the implementation and interpretation of simple monetary policy rules. Using Taylor's rule as an example, I demonstrate that real-time policy recommendations differ considerably from those obtained with ex post revised data. Further, estimated policy reaction functions based on ex post revised data provide misleading descriptions of historical policy and obscure the behavior suggested by information available to the Federal Reserve in real time. These results indicate that reliance on the information actually available to policy makers in real time is essential for the analysis of monetary policy rules.
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Article provided by American Economic Association in its journal American Economic Review .
Volume (Year): 91 (2001)
Issue (Month): 4 (September)
Pages: 964-985
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References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Clarida, Richard & Galí, Jordi & Gertler, Mark, 1998.
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