Regulation and the Neo‐Wicksellian Approach to Monetary Policy
在Laubach和Williams（2003）的卡尔曼滤波方法基础上，加入存款利率和工资价格监管变量，重新估计中性实际联邦基金利率和趋势产出增长，发现监管变量显著影响产出对实际利率和通胀对产出缺口的敏感度。
Laubach and Williams (2003) employ a Kalman filter approach to jointly estimate the neutral real federal funds rate and trend output growth using an IS relationship and an output‐gap‐based inflation equation. They find a positive link between these two variables, but also much error surrounding neutral real rate estimates. We modify their approach by including variables for regulations on deposit interest rates and on wages and prices. These variables are statistically significant and notably affect estimates of two policy‐relevant coefficients: the sensitivity of output to the real interest rate and that of inflation to the output gap.