Estimating the discount rate policy reaction function of the monetary authority
用双门限Tobit模型估计美联储贴现率调整的规则，发现贴现率政策逆周期调节产出和通胀，且不同货币体制下反应不同。
This paper estimates a policy rule that explains the sign and the magnitude of the Federal Reserve's (Fed's) discount rate changes. It sets out a two-sided Type II Tobit model and develops a procedure for its estimation, considering the discrete and censored nature of the changes. The results suggest that the Fed has conducted discount rate policy counter-cyclically to influence output and to curb inflation, and that the Fed's response to policy indicators varies over monetary regimes. Furthermore, consistency is found between the model prediction of the discount rate change and a classification based on whether the change is technical or non-technical. Copyright © 1999 John Wiley & Sons, Ltd.