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Financial crisis, Taylor rule and the Fed

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  • Saten Kumar

Abstract

We investigate how the Federal Reserve (Fed) hit the zero lower bound (ZLB) interest rate while operating under a Taylor-type policy rule. We estimate a reaction function, and the results indicate that during the crisis Fed increased the weight on output without also increasing the weight on inflation which led them to hit the ZLB.0

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  • Saten Kumar, 2013. "Financial crisis, Taylor rule and the Fed," Applied Economics Letters, Taylor & Francis Journals, vol. 20(17), pages 1557-1561, November.
    • Handle: RePEc:taf:apeclt:v:20:y:2013:i:17:p:1557-1561
    DOI: 10.1080/13504851.2013.829182
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    Cited by:

    1. Katrin Wölfel & Christoph S. Weber, 2017. "Searching for the Fed’s reaction function," Empirical Economics, Springer, vol. 52(1), pages 191-227, February.
    2. Umit Bulut, 2016. "How Far Ahead Does the Central Bank of the Republic of Turkey Look?," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 5(1), pages 99-111.

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