Blar i Norges Banks vitenarkiv på emneord "optimal monetary policy"
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Asymmetric monetary policy rules for the euro area and the US
(Working Paper;7/2021, Working paper, 2021)We analyse the implications of asymmetric monetary policy rules by estimating Markovswitching DSGE models for the euro area (EA) and the US. The estimations show that until mid-2014 the ECB's response to inflation was more ... -
Communicating Monetary Policy Intentions: The Case of Norges Bank
(Working Papers;20/2008, Working paper, 2008)Monetary policy works mainly through private agents’ expectations. How precisely future policy intentions are communicated has, according to theory, implications for the outcome of monetary policy. Norges Bank has gone ... -
Optimal Monetary Policy When Agents Are Learning
(Working Papers;8/2010, Working paper, 2010)We derive the optimal monetary policy in a sticky price model when private agents follow adaptive learning. We show that this slight departure from rationality has important implications for policy design. The central bank ... -
Revealing the Preferences of the US Federal Reserve
(Working Papers;21/2008, Working paper, 2008)We use Bayesian methods to estimate the preferences of the US Federal Reserve by assuming that monetary policy is performed optimally under commitment since the mid-sixties. For this purpose, we distinguish between three ... -
Simple Rules Versus Optimal Policy: What Fits?
(Working Papers;3/2010, Working paper, 2010)We estimate a small open-economy DSGE model for Norway with two specifications of monetary policy: a simple instrument rule and optimal policy based on an intertemporal loss function. The empirical fit of the model with ... -
Structural Factors, Unemployment and Monetary Policy: The Useful Role of the Natural Rate of Interest
(Working Papers;17/2016, Working paper, 2016)We study the role of monetary policy in response to variations in unemployment due to structural factors, modeled as exogenous changes in matching efficiency and in the size of the labor force. We find that monetary policy ... -
The Influence of the Taylor Rule on US Monetary Policy
(Working Papers;4/2013, Working paper, 2013)We analyze the influence of the Taylor rule on US monetary policy by estimating the policy preferences of the Fed within a DSGE framework. The policy preferences are represented by a standard loss function, extended with ... -
When Does an Interest Rate Path “Look Good”? Criteria for an Appropriate Future Interest Rate Path
(Working Papers;5/2006, Working paper, 2006)Svensson (2004) suggested that a monetary policy committee of a central bank (MPC) should “find an instrument-rate path such that projections of inflation and output gap ‘look good’.” Academic literature on monetary policy ...