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| Author: | Clark, P. Laxton, D. Rose, D. |
| Title: | An evaluation of alternative monetary policy rules in a model with capacity constraints |
| Journal: | Journal of Money, Credit and Banking
2001 : FEB, VOL. 33:1, p. 42-64 |
| Index terms: | INFLATION MONETARY POLICY USA |
| Language: | eng |
| Abstract: | A small model of the U.S. output-inflation nexus is used to examine the implications of two policy rules, one where the interest rate responds to contemoraneous inflation and one where the response is a forecast of future inflation. The model is asymmetric in that positive deviations of aggregate demand from potential are more inflationary than negative deviations are disinflationary. |
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