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The Evolution of the Fed's Inflation Target in an Estimated Model under RE and Learning Author info | Abstract | Publisher info | Download info | Related research | Statistics Fabio Milani () (Department of Economics, University of California-Irvine)
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This paper aims to infer the evolving Fed's inflation target by estimating a monetary model under the assumptions of RE and learning. The results emphasize how different assumptions about expectations may have important effects on the inferred target movements.
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Paper provided by University of California-Irvine, Department of Economics in its series Working Papers with number
060704.
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Length: 11 pages
Date of creation: Sep 2006Date of revision:
Handle: RePEc:irv:wpaper:060704Contact details of provider: Postal: Irvine, CA 92697-3125 Phone: (949) 824-5788 Web page: http://www.econ.uci.edu/ More information through EDIRC
For technical questions regarding this item, or to correct its listing, contact: (Vanessa Roche).
Keywords: Time-varying inflation target ; Learning ; Expectations ; Bayesian estimation ; Other versions of this item:
Find related papers by JEL classification: E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
This paper has been announced in the following NEP Reports :
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.: Thomas Sargent & Noah Williams & Tao Zha, 2006.
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"Expectations, Learning and Macroeconomic Persistence ,"
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Peter N. Ireland, 2005.
"Changes in the Federal Reserve's inflation target: causes and consequences ,"
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"Changes in the Federal Reserve’s Inflation Target: Causes and Consequences ,"
Boston College Working Papers in Economics
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"Changes in the Federal Reserve's Inflation Target: Causes and Consequences ,"
Journal of Money, Credit and Banking ,
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"A Bayesian DSGE Model with Infinite-Horizon Learning: Do "Mechanical" Sources of Persistence Become Superfluous? ,"
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Other versions: Fabio Milani, 2005.
"Learning, Monetary Policy Rules, and Macroeconomic Stability ,"
Macroeconomics
0508019, EconWPA.
[Downloadable!]
Other versions:
Full
references Cited by : (explanations , 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.)
Taeyoung Doh, 2007.
"What does the yield curve tell us about the Federal Reserve's implicit inflation target? ,"
Research Working Paper
RWP 07-10, Federal Reserve Bank of Kansas City.
[Downloadable!]
Todd E. Clark & Troy Davig, 2008.
"An empirical assessment of the relationships among inflation and short- and long-term expectations ,"
Research Working Paper
RWP 08-05, Federal Reserve Bank of Kansas City.
[Downloadable!]
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