Limit search to available items
Book Cover
Author Tchaidze, Robert, author

Title The greenbook and U.S. monetary policy / prepared by Robert Tchaidze
Published Washington, D.C. : International Monetary Fund, [2004]
Online access available from:
IMF eLibrary    View Resource Record  


Description 1 online resource (22 pages)
Series IMF working paper ; WP/04/213
IMF working paper ; WP/04/213
Summary Although very attractive both theoretically and empirically, Taylor rules imply mechanical responses by the policy variable (interest rate) to fundamental ones (inflation and output gap). This study looks for empirical evidence of a more sophisticated monetary policy, one which takes into account expected future developments. An important piece of information added is the "Greenbook" forecast series, calculated by the Federal Reserve staff and which allow evaluation of expected inflation shocks. These shocks are significant in the estimated Taylor rule, confirming that policymaking is forward looking. This paper also demonstrates that a simple Taylor rule may be a misspecification if policymakers have in mind a timevarying inflation target
Notes "November 2004."
At head of title: Fiscal Affairs Department
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. MiAaHDL
digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL
Print version record
Subject Monetary policy -- United States -- Econometric models.
Form Electronic book
Author International Monetary Fund. Fiscal Affairs Department, issuing body
ISBN 1283516349
1451919565 (E-Book)