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An Interpretation of Fluctuating Macro Policies

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Author Info
Eric Leeper
Troy Davig () (Department of Economics College of William and Mary)

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Abstract

This paper estimates simple regime-switching rules for monetary policy and tax policy over the post-war period in the United States and imposes the estimated policy process on a standard dynamic stochastic general equilibrium model with nominal rigidities. The estimated joint policy process produces a unique stationary rational expectations equilibrium in a simple New Keynesian model. We characterize policy impacts across regimes

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File URL: http://repec.org/sce2005/up.21329.1107136406.pdf
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Publisher Info
Paper provided by Society for Computational Economics in its series Computing in Economics and Finance 2005 with number 249.

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Date of creation: 11 Nov 2005
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Handle: RePEc:sce:scecf5:249

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Related research
Keywords: Policy rules; Markov-switching; DSGE models;

Find related papers by JEL classification:
E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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This page was last updated on 2009-11-27.

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