Monetary Policy Regimes and the Reduced Form for Interest Rates
研究货币政策体制变化能否解释利率简化形式方程近年表现不佳和不稳定的问题，发现政策参数变动会导致简化形式系数发生统计显著且经济意义重大的变化，考虑货币供给内生性的模型在样本内和样本外预测均优于传统模型。
This study investigates whether the recent poor performance and inst ability of reduced-form interest-rate equations can be accounted for by changes in monetary policy regimes. The results imply that reduced -form coefficients move by statistically-significant and economically -meaningful amounts in response to such policy parameter shifts. Both in-sample and out-of-sample predictions from the models that allow f or the endogeneity of the money stock outperform those produced by the conventional specification. Copyright 1987 by Ohio State University Press.