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Federal Reserve Bank of Cleveland
Economic Commentary
Policy rules in macroeconomic forecasting models
Todd E. Clark
Abstract

This Commentary describes how some of the Cleveland Fed’s macroeconomic forecasting models have been modified to use a Taylor rule for monetary policy. After briefly describing the Taylor rule implementation, the article shows that the Taylor rule included in one of our models successfully captures the course of monetary policy in the most recent episode of policy tightening.


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Todd E. Clark, "Policy rules in macroeconomic forecasting models" , Federal Reserve Bank of Cleveland, Economic Commentary, issue Oct, 2012.
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Keywords: Taylor's rule ; Monetary policy ; Macroeconomics ; Forecasting
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