Hidden Bibliographic Details
| Other authors / contributors: | International Monetary Fund. European Department, issuing body.
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| ISBN: | 1283512521
9781283512527
9781451906325
1451906323
1462355897
9781462355891
1452715866
9781452715865
9786613824974
6613824976
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| Notes: | Includes bibliographical references (pages 22-24).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
English.
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
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| Summary: | This paper proposes a new method of estimating the Taylor rule with a time-varying implicit inflation target and a time-varying natural rate of interest. The inflation target and the natural rate are modeled as random walks and are estimated using maximum likelihood and the Kalman filter. I apply this method to U.S. monetary policy over the past 25 years and find considerable time variation in the implicit target, confirming hypotheses about "opportunistic disinflation" and the recent "deflation scare."
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| Other form: | Print version: Leigh, Daniel. Estimating the implicit inflation target. Washington, D.C. : International Monetary Fund, European Dept., ©2005
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| Standard no.: | 10.5089/9781451906325.001
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