Abstract
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.
| Originalsprog | Engelsk |
|---|---|
| Tidsskrift | B.E. Journal of Macroeconomics |
| Vol/bind | 11 |
| Udgave nummer | 1 (Contributions), Article 11 |
| Sider (fra-til) | 1-20 |
| Antal sider | 20 |
| ISSN | 1935-1690 |
| DOI | |
| Status | Udgivet - 2011 |