dc.contributor.author | Bjørnland, Hilde C. | |
dc.contributor.author | Leitemo, Kai | |
dc.contributor.author | Maih, Junior | |
dc.date.accessioned | 2018-05-16T07:12:17Z | |
dc.date.available | 2018-05-16T07:12:17Z | |
dc.date.issued | 2007 | |
dc.identifier.isbn | 978-82-7553-407-9 | |
dc.identifier.isbn | 978-82-7553-408-6 | |
dc.identifier.issn | 0801-2504 | |
dc.identifier.issn | 1502-8143 | |
dc.identifier.uri | http://hdl.handle.net/11250/2498264 | |
dc.description.abstract | The time-varying natural rate of interest and output and the implied medium term inflation target for the US economy are estimated over the period 1983-2005. The estimation is conducted within the New-Keynesian framework using Bayesian and Kalman-filter estimation techniques. With the model-consistent estimate of the output gap, we get a small weight on the backward-looking component of the New-Keynesian Phillips curve – similar to what is obtained in studies which use labor share of income as a driver for inflation (e.g., Galì et al., 2001, 2003). The turning points of the business cycle are nevertheless broadly consistent with those of CBO/NBER. We find considerable variation in the natural rate of interest while the inflation target has been close to 2% over the last decade. | nb_NO |
dc.language.iso | eng | nb_NO |
dc.publisher | Norges Bank | nb_NO |
dc.relation.ispartofseries | Working Papers;10/2007 | |
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: C51 | nb_NO |
dc.subject | JEL: E32 | nb_NO |
dc.subject | JEL: E37 | nb_NO |
dc.subject | JEL: E52 | nb_NO |
dc.subject | New-Keynesian model | nb_NO |
dc.subject | natural rate of interest | nb_NO |
dc.subject | natural rate of output | nb_NO |
dc.subject | inflation target | nb_NO |
dc.title | Estimating the Natural Rates in a Simple New Keynesian Framework | 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 | 33 | nb_NO |