Assessing Nominal Income Rules for Monetary Policy with Model and Data Uncertainty
Bibliographic Data
| ID | 9708840 |
|---|---|
| Authors | Glenn D Rudebusch (0000-0003-0989-6184, Federal Reserve Bank of San Francisco, corresponding author) |
| Year | 2002 |
| Volume | 112 |
| Issue | 479 |
| Pages | 402-432 |
| Publication date | 2002-04-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic Journal (JOURNAL) |
| Journal identifiers | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/1468-0297.00036 |
| OpenAlex | W3122056445 |
| Language | EN |
| Citations received | 13 |
| References cited | 38 |
Nominal income rules for monetary policy have long been debated, but two issues are of particular recent interest. First, there are questions about the performance of such rules over a range of plausible empirical models – especially models with and without explicit rational inflation expectations. Second, there are questions about the performance of these rules in real time using the type of data that is actually available contemporaneously to policy makers rather than final revised data. This paper determines optimal monetary policy rules in the presence of such model uncertainty and real‐time data uncertainty and finds only a limited role for nominal output growth
Econometrics · Economics · Inflation (cosmology · Interest rate · Macroeconomic model · Macroeconomics · Monetary policy · Nominal interest rate · Range (aeronautics · Rational expectations · Real interest rate · Economic theories and models · Fiscal Policies and Political Economy · Monetary Policy and Economic Impact
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| Unique citing works | 13 |
|---|---|
| Citations per year | 0,52 |
| Citation span | 2001 - 2023 (23) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 13 |