Arbeitspapier

Announcements of Interest Rate Forecasts: Do Policymakers Stick to Them?

If central banks value the ex-post accuracy of their forecasts, previously announced interest rate paths might affect the current policy rate. We explore whether this "forecast adherence" has influenced the monetary policies of the Reserve Bank of New Zealand and the Norges Bank, the two central banks with the longest history of publishing interest rate paths. We derive and estimate a policy rule for a central bank that is reluctant to deviate from its forecasts. The rule can nest a variety of interest rate rules. We find that policymakers appear to be constrained by their most recently announced forecasts.

ISBN
978-82-7553-745-2
Sprache
Englisch

Erschienen in
Series: Working Paper ; No. 2013/11

Klassifikation
Wirtschaft
Interest Rates: Determination, Term Structure, and Effects
Monetary Policy
Central Banks and Their Policies
Thema
Taylor rule
interest rates
forecasts
adherence

Ereignis
Geistige Schöpfung
(wer)
Mirkov, Nikola
Natvik, Gisle James
Ereignis
Veröffentlichung
(wer)
Norges Bank
(wo)
Oslo
(wann)
2013

Handle
Letzte Aktualisierung
10.03.2025, 11:42 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Mirkov, Nikola
  • Natvik, Gisle James
  • Norges Bank

Entstanden

  • 2013

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