dc.contributor.author | Bache, Ida Wolden | |
dc.contributor.author | Brubakk, Leif | |
dc.contributor.author | Maih, Junior | |
dc.date.accessioned | 2018-05-08T07:24:22Z | |
dc.date.available | 2018-05-08T07:24:22Z | |
dc.date.issued | 2010 | |
dc.identifier.isbn | 978-82-7553-546-5 | |
dc.identifier.issn | 1502-8143 | |
dc.identifier.uri | http://hdl.handle.net/11250/2497461 | |
dc.description.abstract | 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 optimal policy is as good as the model with a simple rule. This result is robust to allowing for misspecification following the DSGE-VAR approach proposed by Del Negro and Schorfheide (2004). The interest rate forecasts from the DSGE-VARs are close to Norges Bank's official forecasts since 2005. One interpretation is that the DSGE-VAR approximates the judgment imposed by the policymakers in the forecasting process. | nb_NO |
dc.language.iso | eng | nb_NO |
dc.publisher | Norges Bank | nb_NO |
dc.relation.ispartofseries | Working Papers;3/2010 | |
dc.rights | Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal | * |
dc.rights.uri | http://creativecommons.org/licenses/by-nc-nd/4.0/deed.no | * |
dc.subject | JEL: C53 | nb_NO |
dc.subject | JEL: E52 | nb_NO |
dc.subject | DSGE models | nb_NO |
dc.subject | forecasting | nb_NO |
dc.subject | optimal monetary policy | nb_NO |
dc.title | Simple Rules Versus Optimal Policy: What Fits? | nb_NO |
dc.type | Working paper | nb_NO |
dc.description.version | publishedVersion | nb_NO |
dc.subject.nsi | VDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212 | nb_NO |
dc.source.pagenumber | 31 | nb_NO |