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Replication data for: How Credible Is the Federal Reserve? A Structural Estimation of Policy Re-optimizations

Version
V0
Resource Type
Dataset
Creator
  • Debortoli, Davide
  • Lakdawala, Aeimit
Publication Date
2015-12-31
Description
  • Abstract

    The paper proposes a new measure of the degree of credibility of the Federal Reserve. We estimate a medium-scale macroeconomic model, where the central bank has access to a commitment technology, but where a regime-switching process governs occasional re-optimizations of announced plans. The framework nests the commonly used discretion and commitment cases, while allowing for a continuum of intermediate cases. Our estimates reject both full-commitment and discretion. We instead identify occasional re-optimization episodes both before and during the Great Moderation period. Finally, through counterfactual analyses we assess the role of credibility over the past four decades.
Availability
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Relations
  • Is supplemented by
    DOI: 10.1257/mac.20150029 (Text)
Publications
  • Debortoli, Davide, and Aeimit Lakdawala. “How Credible Is the Federal Reserve? A Structural Estimation of Policy Re-Optimizations.” American Economic Journal: Macroeconomics 8, no. 3 (July 2016): 42–76. https://doi.org/10.1257/mac.20150029.
    • ID: 10.1257/mac.20150029 (DOI)

Update Metadata: 2019-10-13 | Issue Number: 1 | Registration Date: 2019-10-13

Debortoli, Davide; Lakdawala, Aeimit (2015): Replication data for: How Credible Is the Federal Reserve? A Structural Estimation of Policy Re-optimizations. Version: V0. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. http://doi.org/10.3886/E114110