Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.
There has been some research that did that, and I think it shows that when you add several of these factors together you get a lot closer to the estimated rule than the optimal rule. That’s pretty convincing.
Exhibit 5 addresses the issue that the macroeconomic variables used to formulate real-time monetary policy decisions are sometimes poorly measured. There are two potentially important sources of measurement error. The first is that initial releases of key macroeconomic data are imprecise and subject to revision. To quantify the magnitudes of ...
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