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The Meta Taylor Rule

Research output: Contribution to Journal/Magazine › Journal article › peer-review

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The Meta Taylor Rule. / Lee, Kevin; Morley, James; Shields, Kalvinder.
In: Journal of Money, Credit and Banking, Vol. 47, 02.2015, p. 73-98.

Research output: Contribution to Journal/Magazine › Journal article › peer-review

Harvard

Lee, K, Morley, J & Shields, K 2015, 'The Meta Taylor Rule', Journal of Money, Credit and Banking, vol. 47, pp. 73-98. https://doi.org/10.1111/jmcb.12169

APA

Lee, K., Morley, J., & Shields, K. (2015). The Meta Taylor Rule. Journal of Money, Credit and Banking, 47, 73-98. https://doi.org/10.1111/jmcb.12169

Vancouver

Lee K, Morley J, Shields K. The Meta Taylor Rule. Journal of Money, Credit and Banking. 2015 Feb;47:73-98. doi: 10.1111/jmcb.12169

Author

Lee, Kevin ; Morley, James ; Shields, Kalvinder. / The Meta Taylor Rule. In: Journal of Money, Credit and Banking. 2015 ; Vol. 47. pp. 73-98.

Bibtex

@article{54c0cd4c9cf14a2aa8dd2b9338a2c1bc,
title = "The Meta Taylor Rule",
abstract = "We characterize U.S. monetary policy within a generalized Taylor rule framework that accommodates uncertainties about the duration of policy regimes and the specification of the rule, in addition to the standard parameter and stochastic uncertainties inherent in traditional Taylor rule analysis. Our approach involves estimation and inference based on Taylor rules obtained through standard linear regression methods, but combined using Bayesian model averaging techniques. Employing data that were available in real time, the estimated version of the “meta” Taylor rule provides a flexible but compelling characterization of monetary policy in the United States over the last 40 years.",
author = "Kevin Lee and James Morley and Kalvinder Shields",
year = "2015",
month = feb,
doi = "10.1111/jmcb.12169",
language = "English",
volume = "47",
pages = "73--98",
journal = "Journal of Money, Credit and Banking",
issn = "0022-2879",
publisher = "Wiley-Blackwell",

}

RIS

TY - JOUR

T1 - The Meta Taylor Rule

AU - Lee, Kevin

AU - Morley, James

AU - Shields, Kalvinder

PY - 2015/2

Y1 - 2015/2

N2 - We characterize U.S. monetary policy within a generalized Taylor rule framework that accommodates uncertainties about the duration of policy regimes and the specification of the rule, in addition to the standard parameter and stochastic uncertainties inherent in traditional Taylor rule analysis. Our approach involves estimation and inference based on Taylor rules obtained through standard linear regression methods, but combined using Bayesian model averaging techniques. Employing data that were available in real time, the estimated version of the “meta” Taylor rule provides a flexible but compelling characterization of monetary policy in the United States over the last 40 years.

AB - We characterize U.S. monetary policy within a generalized Taylor rule framework that accommodates uncertainties about the duration of policy regimes and the specification of the rule, in addition to the standard parameter and stochastic uncertainties inherent in traditional Taylor rule analysis. Our approach involves estimation and inference based on Taylor rules obtained through standard linear regression methods, but combined using Bayesian model averaging techniques. Employing data that were available in real time, the estimated version of the “meta” Taylor rule provides a flexible but compelling characterization of monetary policy in the United States over the last 40 years.

U2 - 10.1111/jmcb.12169

DO - 10.1111/jmcb.12169

M3 - Journal article

VL - 47

SP - 73

EP - 98

JO - Journal of Money, Credit and Banking

JF - Journal of Money, Credit and Banking

SN - 0022-2879

ER -