Monetary Policy Rules Based on Real-Time Data
以泰勒规则为例，说明使用实时数据与事后修正数据得出的政策建议差异很大，后者会误导对历史政策的描述，强调分析货币政策规则必须依赖决策者当时可用的实时信息。
This paper examines the magnitude of informational problems associated with the implementation and interpretation of simple monetary policy rules. Using Taylor's rule as an example, I demonstrate that real-time policy recommendations differ considerably from those obtained with ex post revised data. Further, estimated policy reaction functions based on ex post revised data provide misleading descriptions of historical policy and obscure the behavior suggested by information available to the Federal Reserve in real time. These results indicate that reliance on the information actually available to policy makers in real time is essential for the analysis of monetary policy rules.