This 2019 Journal of Money, Credit and Banking paper by John Keating, Logan Kelly, A. Lee Smith, and Victor Valcarcel asks whether replacing the federal funds rate with Divisia M4 (DM4) -- a …
PublishedClassicJournal of Economic Dynamics and ControlPublished Jan 2025
This 2025 Journal of Economic Dynamics and Control paper by Zhengyang Chen and Victor J. Valcarcel proposes a "rational expectations structural VAR" (RE-SVAR) — a way to embed rational expectations …
PublishedClassicJournal of Economic Dynamics and ControlPublished Oct 2021
This 2021 Journal of Economic Dynamics and Control paper by Zhengyang Chen and Victor Valcarcel shows that the Wu-Xia (2016) shadow federal funds rate — a standard modern-sample proxy for the stance …
PublishedClassicJournal of Economic Dynamics and ControlPublished Jan 2023