Coroneo, L., Corradi, Valentina and Santos-Monteiro, Paulo (2011) Testing for the degree of commitment via set-identification. In: Invited Speaker : CEA Seminars, University of Chile, 01 Apr 2011 (Unpublished)

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Abstract

We propose a new procedure for testing optimal monetary policy relying on set-identification. The identified set is characterized by means of moment inequality conditions nesting optimal policy under commitment and discretion. The approach is based on the derivation of bounds for in ation that are consistent with both forms of optimal policy and provide set identification of the economy's structural parameters. We derive testable implications that allow for specification tests and discrimination between the two alternative policy regimes. The methodology allows us to study the level of commitment exhibited by the United States monetary authority, and to set-identify the economy's structural parameters such that the target variables of the monetary authority (in ation and welfare relevant output gap) are consistent with optimal monetary policy.

Item Type:	Conference Item (Paper)
Subjects:	H Social Sciences > HB Economic Theory
Divisions:	Faculty of Social Sciences > Economics
Official Date:	1 April 2011
Dates:	Date Event 1 April 2011 Completion
Status:	Not Peer Reviewed
Publication Status:	Unpublished
Description:	Presented by Corradi on 4 Mar 2011, 16 Sep 2011
Version or Related Resource:	Coroneo, L., et al. (2011). Testing for the degree of commitment via set-identification. In: The Econometric Society North American Summer Meeting 2009. Boston, MA, 4-7 Jun 2009. Coroneo, L., et al. (2011). Testing for the degree of commitment via set-identification. In: Invited Speaker : Economics past seminars. Exeter, 4 Mar 2011. Coroneo, L., et al. (2011). Testing for the degree of commitment via set-identification. In: 11th SAET Conference 2011. Ancao (Faro), Portugal, 26 Jun-1 Jul 2011. Coroneo, L., et al. (2011). Testing for the degree of commitment via set-identification. In: 7th Dynare Conference 2011. Atlanta 9-10 Sep 2011. Coroneo, L., et al. (2011). Testing for the degree of commitment via set-identification. In: Invited Speaker : National Bank of Siberia Research Seminar, 16 Sep 2011.
Conference Paper Type:	Paper
Title of Event:	Invited Speaker : CEA Seminars
Type of Event:	Other
Location of Event:	University of Chile
Date(s) of Event:	01 Apr 2011
Related URLs:	Other Other Other

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