Arbeitspapier
Output gaps and robust monetary policy rules
Policymakers often use the output gap, a noisy signal of economic activity, as a guide for setting monetary policy. Noise in the data argues for policy caution. At the same time, the zero bound on nominal interest rates constrains the central bank's ability to stimulate the economy during downturns. In such an environment, greater policy stimulus may be needed to stabilize the economy. Thus, noisy data and the zero bound present policymakers with a dilemma in deciding the appropriate stance for monetary policy. I investigate this dilemma in a small New Keynesian model, and show that policymakers should pay more attention to output gaps than suggested by previous research.
- Sprache
-
Englisch
- Erschienen in
-
Series: Sveriges Riksbank Working Paper Series ; No. 260
- Klassifikation
-
Wirtschaft
Monetary Policy
Central Banks and Their Policies
- Thema
-
output gap
measurement errors
monetary policy
zero lower bound
Geldpolitik
Zinsstruktur
Neukeynesianische Makroökonomik
Taylor-Regel
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Billi, Roberto M.
- Ereignis
-
Veröffentlichung
- (wer)
-
Sveriges Riksbank
- (wo)
-
Stockholm
- (wann)
-
2012
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 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.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Billi, Roberto M.
- Sveriges Riksbank
Entstanden
- 2012
Ähnliche Objekte (12)
FAQ: How do I extract the output gap?
Inflation targeting as a monetary policy rule
Schweden, 1 Krone
Schweden, 1 Krone
Geldschein, 1 Krona, 1874
Geldschein, 1 Krona, 1914
Incomplete Exchange Rate Pass-Through and Simple Monetary Policy Rules
The robustness and efficiency of monetary policy rules as guidelines for interest rate setting by the European Central Bank: Conference on Monetary Policy Rules, Stockholm 12 - 12 June 1998
Money growth targeting: Conference on Monetary Policy Rules, Stockholm 12 - 12 June 1998
A Bivariate Distribution for Inflation and Output Forecasts
Policy rules for inflation targeting
A Theory-Consistent System Approach for Estimating Potential Output and the NAIRU
FAQ: How do I extract the output gap?
Inflation targeting as a monetary policy rule
Schweden, 1 Krone
Schweden, 1 Krone
Geldschein, 1 Krona, 1874
Geldschein, 1 Krona, 1914
Incomplete Exchange Rate Pass-Through and Simple Monetary Policy Rules
The robustness and efficiency of monetary policy rules as guidelines for interest rate setting by the European Central Bank: Conference on Monetary Policy Rules, Stockholm 12 - 12 June 1998
Money growth targeting: Conference on Monetary Policy Rules, Stockholm 12 - 12 June 1998
A Bivariate Distribution for Inflation and Output Forecasts
Policy rules for inflation targeting
A Theory-Consistent System Approach for Estimating Potential Output and the NAIRU
FAQ: How do I extract the output gap?
Inflation targeting as a monetary policy rule
Schweden, 1 Krone
Schweden, 1 Krone
Geldschein, 1 Krona, 1874
Geldschein, 1 Krona, 1914
Incomplete Exchange Rate Pass-Through and Simple Monetary Policy Rules
The robustness and efficiency of monetary policy rules as guidelines for interest rate setting by the European Central Bank: Conference on Monetary Policy Rules, Stockholm 12 - 12 June 1998
Money growth targeting: Conference on Monetary Policy Rules, Stockholm 12 - 12 June 1998
A Bivariate Distribution for Inflation and Output Forecasts
Policy rules for inflation targeting