Multiple Regimes in U.S. Monetary Policy? A Nonparametric Approach
用两种非参数方法分析1955-2003年美国货币政策，发现泰勒规则系数存在几次结构性断裂，两种方法对断裂时点判断一致。
We use two different nonparametric methods to determine whether there were multiple regimes in U.S. monetary policy over the period 1955-2003. We model monetary policy using two different versions of Taylor's rule for the nominal interest-rate target. By contrast with parametric tests for regime changes, the nonparametric methods we use allow the data to determine the dimensions on which to split the sample for purposes of estimating the coefficients of the Taylor rule. We find evidence for a few structural breaks and consistent agreement between our two nonparametric methods on the dating of those breaks.