Taylor rule and discretionary regimes in the United States: evidence from a k-state Markov switching model

• المؤلفون الرئيسيون: Alba, Joseph Dennis, Wang, Peiming
• مؤلفون آخرون: School of Humanities and Social Sciences
• التنسيق: مقال
• اللغة: English
• منشور في: 2016
• الموضوعات: Markov model; Taylor rule
• الوصول للمادة أونلاين: https://hdl.handle.net/10356/81213; http://hdl.handle.net/10220/41106
• المؤسسة: Nanyang Technological University

We examine US monetary policies from 1973 to 2014 with the Taylor rule as a benchmark by utilizing a k-state Markov regime switching model in which the number and the periods of the regimes are endogenously determined. The model relates the federal funds rate with real time output gaps and inflation...