How Credible Is the Federal Reserve? A Structural Estimation of Policy Re-Optimizations
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How credible is the Federal Reserve? A structural estimation of policy re-optimizations
Using a Markov-switching Bayesian likelihood approach, the paper proposes a new measure of the degree of credibility of the Federal Reserve. We estimate a medium-scale macroeconomic model, where the central bank has access to a commitment technology, but where a regime-switching process governs occasional re-optimizations of announced plans. The framework nests the commonly used discretion and ...
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ژورنال
عنوان ژورنال: American Economic Journal: Macroeconomics
سال: 2016
ISSN: 1945-7707,1945-7715
DOI: 10.1257/mac.20150029