Arbeitspapier
Simple Monetary Policymaking Without the Output Gap
The performance of a simple monetary policy rule, which does not rely on explicit information about the output gap but instead uses the change in the rate of inflation as a proxy for the output gap, is explored in a simple model of the US economy. The rule is found to outperform an optimised Taylor rule under a reasonable specification of real-time output-gap uncertainty. The relative performance improves if the inflation process is more backward-looking, if demand or cost-push shocks are less prevalent, and if the output gap has a stronger effect on inflation.
- ISBN
-
82-7553-199-3
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 2002/9
- Klassifikation
-
Wirtschaft
Central Banks and Their Policies
Monetary Policy
Money and Interest Rates: Forecasting and Simulation: Models and Applications
- Thema
-
Taylor rules
monetary policy
simple rules
uncertain output gap
inflation-only rule
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Leitemo, Kai
Lønning, Ingunn
- Ereignis
-
Veröffentlichung
- (wer)
-
Norges Bank
- (wo)
-
Oslo
- (wann)
-
2002
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 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
- Leitemo, Kai
- Lønning, Ingunn
- Norges Bank
Entstanden
- 2002
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