Bericht
Monetary Policy Analysis in Practice
Norges Bank is one of few central banks publishing an interest rate fore- cast. This paper discusses how we derive and communicate the interest rate forecast. To produce the forecasts, the Bank uses a medium-sized small open economy DSGE model - NEMO. Judgments and information from other sources are added through conditional forecasting. The interest rate path is derived by minimizing a loss function representing the monetary policy mandate and the Board s policy preferences. Since optimal policy is vulnerable to model uncertainty, some weight is placed on simple interest rate rules. A weight on the deviation of the interest rate from the level implied by a simple rule is included in the loss function.
- ISBN
-
978-82-7553-574-8
- Sprache
-
Englisch
- Erschienen in
-
Series: Staff Memo ; No. 11/2010
- Klassifikation
-
Wirtschaft
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Alstadheim, Ragna
Bache, Ida Wolden
Holmsen, Amund
Maih, Junior
Røisland, Øistein
- Ereignis
-
Veröffentlichung
- (wer)
-
Norges Bank
- (wo)
-
Oslo
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
- 10.03.2025, 11:45 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Bericht
Beteiligte
- Alstadheim, Ragna
- Bache, Ida Wolden
- Holmsen, Amund
- Maih, Junior
- Røisland, Øistein
- Norges Bank
Entstanden
- 2010
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