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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/19498| Title: | Measurement errors in GDP and forward-looking monetary policy: The Swiss case |
| Keywords: | E53 E52 ddc:330 Structural VAR forward-looking monetary policy efficiency frontier GDP measurement errors Geldpolitik Sozialprodukt Statistischer Fehler VAR-Modell Schweiz |
| Issue Date: | 16-Oct-2013 |
| Description: | This paper analyzes forward-looking rules for Swiss monetary policy in a small structural VAR consisting of four variables. First, the paper looks at the ex ante inflation-output-growth volatility trade-off for a forward-looking policy aiming at a convex combination of a strict inflation and output growth targeting rule implied by this SVAR model. Thereby the paper introduces a new analytical method. Second, the paper considers the effect of measurement errors in GDP on this inflation-output-growth volatility trade-off. Third, the paper works at the impact of changing beliefs about the potential growth rate on the variability of output growth and inflation. Finally the effects of different targets in a forward-looking monetary policy on ex post or unconditional volatility of inflation and output growth is explored by a simulation exercise. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/19498 |
| Other Identifiers: | http://hdl.handle.net/10419/19498 ppn:473006936 RePEc:zbw:bubdp1:2297 |
| Appears in Collections: | EconStor |
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