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The Use and Abuse of Taylor Rules
			: How Precisely Can We Estimate Them?

The Use and Abuse of Taylor Rules : How Precisely Can We Estimate Them? »

Volume/Issue: 2005/148

Series: IMF Working Papers

Author(s): Robert Tchaidze , and Alina Carare

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2005

DOI: http://dx.doi.org/10.5089/9781451861679.001

ISBN: 9781451861679

Keywords: central bank, Taylor rules, inflation, monetary policy rules, monetary economics,

This paper draws attention to inconsistencies in estimating simple monetary policy rules and their implications for policy advice. We simulate a macroeconomic model with a backward reaction function similar to Tayl...