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dc.contributor.authorBjørnland, Hilde C.
dc.contributor.authorLeitemo, Kai
dc.contributor.authorMaih, Junior
dc.date.accessioned2018-05-16T07:12:17Z
dc.date.available2018-05-16T07:12:17Z
dc.date.issued2007
dc.identifier.isbn978-82-7553-407-9
dc.identifier.isbn978-82-7553-408-6
dc.identifier.issn0801-2504
dc.identifier.issn1502-8143
dc.identifier.urihttp://hdl.handle.net/11250/2498264
dc.description.abstractThe 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.isoengnb_NO
dc.publisherNorges Banknb_NO
dc.relation.ispartofseriesWorking Papers;10/2007
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Internasjonal*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/deed.no*
dc.subjectJEL: C51nb_NO
dc.subjectJEL: E32nb_NO
dc.subjectJEL: E37nb_NO
dc.subjectJEL: E52nb_NO
dc.subjectNew-Keynesian modelnb_NO
dc.subjectnatural rate of interestnb_NO
dc.subjectnatural rate of outputnb_NO
dc.subjectinflation targetnb_NO
dc.titleEstimating the Natural Rates in a Simple New Keynesian Frameworknb_NO
dc.typeWorking papernb_NO
dc.description.versionpublishedVersionnb_NO
dc.subject.nsiVDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212nb_NO
dc.source.pagenumber33nb_NO


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Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal
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