Journal Article
Policy rules in macroeconomic forecasting models
Abstract: This Commentary describes how some of the Cleveland Fed?s macroeconomic forecasting models have been modified to use a Taylor rule for monetary policy. After briefly describing the Taylor rule implementation, the article shows that the Taylor rule included in one of our models successfully captures the course of monetary policy in the most recent episode of policy tightening.
Keywords: Forecasting; Macroeconomics; Taylor's rule; Monetary policy;
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https://doi.org/10.26509/frbc-ec-201216
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Provider: Federal Reserve Bank of Cleveland
Part of Series: Economic Commentary
Publication Date: 2012
Issue: Oct
Order Number: 16