Journal articleJournal of Economic Dynamics and Control · April 1, 2026
We develop a forward-guidance Taylor rule with time-varying coefficients, estimated from the Federal Reserve's Summary of Economic Projections (SEP) median forecasts of the federal funds rate, inflation, and unemployment between 2012 and 2025. Our model al ...
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Journal articleFinance and Economics Discussion Series · November 2023
This paper estimates a time-varying reaction function of the median participant of the Federal Open Market Committee, using a Taylor rule with time-varying coefficients estimated on one- to three-year ahead median forecasts of the federal funds rat ...
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