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What do we Learn from Taylor Rule Estimations? A Meta-Analysis

Author

Listed:
  • Georgios Chortareas

    (University of Athens)

  • George Magonis

    (University of Athens)

Abstract

We conduct a meta-analysis of the Taylor rule collecting a large number of estimated coefficients from the literature. Our objectives include consideration of heterogeneity in the estimated coefficients, identification of its sources, and examining for the presence of publication bias and genuine effect. The coeficients under study are the response of interest rate to both inflation and output gap. We find a considerable degree of heterogeneity that characterizes the finding for both coefficients. Although there is evidence for publication bias for both coefficients, a genuine effect is found only for the inflation gap response. Estimates of the inflation coefficient converge to a value for which a consensus can be built.

Suggested Citation

  • Georgios Chortareas & George Magonis, 2008. "What do we Learn from Taylor Rule Estimations? A Meta-Analysis," Ekonomia, Cyprus Economic Society and University of Cyprus, vol. 11(2), pages 112-138, Winter.
    • Handle: RePEc:ekn:ekonom:v:11:y:2008:i:2:p:112-138
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    Cited by:

    1. David Staines, 2023. "Stochastic Equilibrium the Lucas Critique and Keynesian Economics," Papers 2312.16214, arXiv.org.
    2. John P. A. Ioannidis & T. D. Stanley & Hristos Doucouliagos, 2017. "The Power of Bias in Economics Research," Economic Journal, Royal Economic Society, vol. 127(605), pages 236-265, October.
    3. repec:wly:econjl:v::y:2017:i:605:p:f236-f265 is not listed on IDEAS

    More about this item

    JEL classification:

    • C80 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E53 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Deposit Insurance

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