Arbeitspapier
Daily monetary policy rules and the ECB's medium-term orientation
This article develops the first granular database on daily real-time inflation rates and output. Four different European forecast sources and three computation methods are applied to calculate those daily data. These are used in two types of monetary policy rules, for three different interest rates as the dependent variable. The results indicate that the main source of differences in the forecast horizons and response coefficients is not the data sources or the computation method but, rather, the monetary policy rule applied and the interest rate used. That is, the results differ if unconventional monetary policies are considered. Moreover, the results tend to be time-varying; that is, sudden shifts in the optimal forecast horizon can be identified, leading to substantially altered policy rules.
- Language
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Englisch
- Bibliographic citation
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Series: MAGKS Joint Discussion Paper Series in Economics ; No. 29-2021
- Classification
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Wirtschaft
Monetary Policy
Central Banks and Their Policies
- Subject
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Monetary policy rules
ECB
medium-term orientation
- Event
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Geistige Schöpfung
- (who)
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Klose, Jens
- Event
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Veröffentlichung
- (who)
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Philipps-University Marburg, School of Business and Economics
- (where)
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Marburg
- (when)
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2021
- Handle
- Last update
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10.03.2025, 11:43 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Klose, Jens
- Philipps-University Marburg, School of Business and Economics
Time of origin
- 2021
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