Arbeitspapier
Optimal monetary policy in an operational medium-sized DSGE model
We show how to construct optimal policy projections in Ramses, the Riksbank's openeconomy medium-sized DSGE model for forecasting and policy analysis. Bayesian estimation of the parameters of the model indicates that they are relatively invariant to alternative policy assumptions and supports that the model may be regarded as structural in a stable low inflation environment. Past policy of the Riksbank until 2007:3 (the end of the sample used) is better explained as following a simple instrument rule than as optimal policy under commitment. We show and discuss the differences between policy projections for the estimated instrument rule and for optimal policy under commitment, under alternative definitions of the output gap, different initial values of the Lagrange multipliers representing policy in a timeless perspective, and different weights in the central-bank loss function.
- Sprache
-
Englisch
- Erschienen in
-
Series: Sveriges Riksbank Working Paper Series ; No. 225
- Klassifikation
-
Wirtschaft
Monetary Policy
Central Banks and Their Policies
- Thema
-
optimal monetary policy
instrument rules
optimal policy projections
openeconomy DSGE models
Geldpolitik
Geldmengensteuerung
Wirtschaftsprognose
Dynamisches Gleichgewicht
Zentralbank
Schweden
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Adolfson, Malin
Laséen, Stefan
Lindé, Jesper
Svensson, Lars E.O.
- Ereignis
-
Veröffentlichung
- (wer)
-
Sveriges Riksbank
- (wo)
-
Stockholm
- (wann)
-
2008
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Adolfson, Malin
- Laséen, Stefan
- Lindé, Jesper
- Svensson, Lars E.O.
- Sveriges Riksbank
Entstanden
- 2008
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