How forward-looking is the Fed? Direct estimates from a 'Calvo-type' rule

VJ Gabriel; P Levine; C Spencer

doi:10.1016/j.econlet.2009.04.018

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How forward-looking is the Fed? Direct estimates from a 'Calvo-type' rule

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How forward-looking is the Fed? Direct estimates from a 'Calvo-type' rule

VJ Gabriel, P Levine and C Spencer

Economics Letters, Vol.104(2), pp.92-95

2009

DOI: https://doi.org/10.1016/j.econlet.2009.04.018

Abstract

We estimate an alternative type of monetary policy rule according to which the central bank targets a discounted infinite sum of expected inflation and output gaps. Empirical results suggest that the Fed has a mean forward horizon of 4 to 8 quarters.

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Title: How forward-looking is the Fed? Direct estimates from a 'Calvo-type' rule
Creators: VJ Gabriel
P Levine
C Spencer
Publication Details: Economics Letters, Vol.104(2), pp.92-95
Publisher: Elsevier
Date published: 2009
Date submitted: 04/04/2012
Identifiers: 99511332602346
Academic Unit: School of Economics
Resource Type: Journal article

How forward-looking is the Fed? Direct estimates from a 'Calvo-type' rule

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