Has U.S. monetary policy tracked the efficient interest rate?
Interest rate decisions by central banks are universally discussed in terms of Taylor rules, which describe policy rates as responding to inflation and some measure of the output gap. We show that an alternative specification of monetary policy, in which the interest rate tracks the Wicksellian effi...
| Main Authors: | , , , |
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| Format: | Journal article |
| Language: | English |
| Published: |
Elsevier
2014
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