The role of ad hoc factors in policy rate settings
Policymakers do not always follow a simple rule for setting policy interest rates for various reasons. Thus their behavior can be represented by a standard Taylor type policy rule amended with an additional variable representing an ad hoc factor. Consequently, ignoring the presence of the ad hoc fac...
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| Veröffentlicht in: | Economic modelling 2008-09, Vol.25 (5), p.1003-1010 |
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| container_title | Economic modelling |
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| creator | Podpiera, Jiří |
| description | Policymakers do not always follow a simple rule for setting policy interest rates for various reasons. Thus their behavior can be represented by a standard Taylor type policy rule amended with an additional variable representing an ad hoc factor. Consequently, ignoring the presence of the ad hoc factor causes bias in conventional policy rule estimators. I contrast the unbiased estimates of a procedure that accounts for the ad hoc factors and the bias of least squares on a unique data set of an unconditional inflation targeting episode. |
| doi_str_mv | 10.1016/j.econmod.2008.01.005 |
| format | Article |
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| fulltext | fulltext |
| identifier | ISSN: 0264-9993 |
| ispartof | Economic modelling, 2008-09, Vol.25 (5), p.1003-1010 |
| issn | 0264-9993 1873-6122 |
| language | eng |
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| source | RePEc; Elsevier ScienceDirect Journals Complete |
| subjects | Bias Bias in parameters Economic policy Estimation Estimation bias Inflation Interest rates Least squares method Monetary policy Policy rule Studies Taylor rule |
| title | The role of ad hoc factors in policy rate settings |
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