Estimating Central Bank Preferences under Commitment and Discretion

Material TypeArticleLanguageEnglish
TitleEstimating Central Bank Preferences under Commitment and Discretion Author(S)GREGORY E GIVENS (Author)
Abstract  This paper explains U.S. macroeconomic outcomes with an empirical New Keynesian model in which monetary policy minimizes the central bank’s loss function. The presence of expectations in the model forms a well-known distinction between two modes of optimization, termed commitment and discretion ...Paginationp1033–1061
SubjectEconomicsDescriptorsEconomics
Journal TitleJournal of Money, Credit, and Banking  
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