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Board of Governors of the Federal Reserve System
International Finance Discussion Papers
Number 1034
November 2011
Loose Commitment in Medium-Scale Macroeconomic Models: Theory and
Applications
Davide Debortoli
Junior Maih
Ricardo Nunes
NOTE: International Finance Discussion Papers are preliminary mate-
rials circulated to stimulate discussion and critical comment. References
in publications to International Finance Discussion Papers (other than an
acknowledgement that the writer has had access to unpublished material)
should be cleared with the author or authors. Recent IFDPs are available
on the Web at www.federalreserve.gov/pubs/ifdp/. This paper can be down-
loaded without charge from Social Science Research Network electronic li-
brary at http://www.ssrn.com/.
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