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The Macroeconomic Effects of Unstable Monetary Policy Objectives


  • Ricardo Nunes

    (Federal Reserve Board of Governors)

  • Davide Debortoli

    (University of California San Diego)


Policymakers take into account the possibility of a regime switch and counteract the externalities generated by the alternative regimes. The resulting behavior of inflation and output differs, both qualitatively and quantitatively, from what obtained in regime switches models with simple policy rules. From an empirical point of view, modeling the policymakers' decision process imposes additional restrictions, not necessarily satisifed by models with simple policy rules. Some positive and normative implications of policy regime switches are then revisited.

Suggested Citation

  • Ricardo Nunes & Davide Debortoli, 2010. "The Macroeconomic Effects of Unstable Monetary Policy Objectives," 2010 Meeting Papers 1271, Society for Economic Dynamics.
  • Handle: RePEc:red:sed010:1271

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