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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/19481| Title: | Real-Time Estimation of the Output Gap in Japan and its Usefulness for Inflation Forecasting and Policymaking |
| Keywords: | E31 E32 E52 E58 ddc:330 output gap real-time estimation inflation forecasting Taylor Rule Kapazitätsauslastung Schätzung Inflation Prognoseverfahren Geldpolitik Taylor-Regel Japan |
| Issue Date: | 16-Oct-2013 |
| Description: | This paper examines the methods used by the Bank of Japan for the estimation of the output gap. Attention is paid to the real-time estimation problem. After reviewing the evolution of output gap estimation at the Bank, I discuss advantages and disadvantages of the various output gap measures. First, I examine the usefulness of the output gap for inflation forecasting and show that the real-time output gap sometimes includes much noise. Second, I investigate the implications of the real-time estimation problem for the policy evaluation. Third, I exploit TANKAN to enhance the usefulness of the real-time output gap. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/19481 |
| Other Identifiers: | http://hdl.handle.net/10419/19481 ppn:391525239 RePEc:zbw:bubdp1:2159 |
| Appears in Collections: | EconStor |
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