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The Macroeconomic Effects of Unstable Monetary Policy Objectives

Listed author(s):
  • 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.

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Paper provided by Society for Economic Dynamics in its series 2010 Meeting Papers with number 1271.

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Date of creation: 2010
Handle: RePEc:red:sed010:1271
Contact details of provider: Postal:
Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA

Web page: http://www.EconomicDynamics.org/
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