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John H. Cochrane
NBER Working Paper No. 13410
Issued in September 2007
NBER Program(s): EFG
ME
---- Abstract -----
The parameters of the Taylor rule relating interest rates to inflation and other variables are not identified in new-Keynesian models. Thus, Taylor rule regressions cannot be used to argue that the Fed conquered inflation by moving from a "passive" to an "active" policy in the early 1980s.
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