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New Economy--New Policy Rules? (ICPSR 1244) RSS

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Summary:

The United States economy appears to have experienced a pronounced shift toward higher productivity over the last five years or so. To understand the implications of such shifts for the structure of optimal monetary policy rules in simple dynamic economies, the authors begin with a standard economy in which a version of the Taylor rule constitutes the optimal monetary policy for a given inflation target and a given level of productivity. They augment this model with regime switching in productivity and calculate the optimal monetary policy rule in the altered environment. The authors find that, in the altered environment, a rule that incorporates leading indicators about regimes significantly outperforms the Taylor rule. They use this result to comment on the "new economy" events of the 1990s and the "stagflation" events of the 1970s from the perspective of their model.

Access Notes

  • These data are flagged as replication datasets and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.

  • These data are freely available.

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Study Description

Citation

Bullard, James B., and Eric Schaling. New Economy--New Policy Rules?. ICPSR01244-v1. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2001-10-31. http://doi.org/10.3886/ICPSR01244.v1

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Scope of Study

Subject Terms:   economic growth, inflation, monetary policy, national economy, productivity

Geographic Coverage:   United States

Data Collection Notes:

The file submitted is 0109jb.zip, containing data and programs. These data are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.

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