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The B.E. Journal of Macroeconomics

Editor-in-Chief: Cavalcanti, Tiago / Kambourov, Gueorgui

Ed. by Abraham, Arpad / Carceles-Poveda , Eva / Debortoli, Davide / Lambertini, Luisa / Nimark, Kristoffer / Wang, Pengfei

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1935-1690
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Estimated Interest Rate Rules: Do they Determine Determinacy Properties?

Henrik Jensen
Published Online: 2011-05-05 | DOI: https://doi.org/10.2202/1935-1690.2246

I demonstrate that econometric estimations of nominal interest rate rules may tell little, if anything, about an economy's determinacy properties. In particular, correct inference about the interest-rate response to inflation provides no information about determinacy. Instead, it could reveal whether optimal monetary policymaking is performed under discretion or commitment.

Keywords: monetary policy; interest rate rules; Taylor rules; equilibrium determinacy; discretion versus rules

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Published Online: 2011-05-05


Citation Information: The B.E. Journal of Macroeconomics, Volume 11, Issue 1, ISSN (Online) 1935-1690, DOI: https://doi.org/10.2202/1935-1690.2246.

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