dc.contributor.author | Leitemo, Kai | |
dc.contributor.author | Lønning, Ingunn | |
dc.date.accessioned | 2018-05-22T08:54:20Z | |
dc.date.available | 2018-05-22T08:54:20Z | |
dc.date.issued | 2002 | |
dc.identifier.isbn | 82-7553-199-3 | |
dc.identifier.issn | 0801-2504 | |
dc.identifier.uri | http://hdl.handle.net/11250/2498658 | |
dc.description.abstract | The performance of a simple monetary policy rule, which does not rely on explicit information about the output gap but instead uses the change in the rate of inflation as a proxy for the output gap, is explored in a simple model of the US economy. The rule is found to outperform an optimised Taylor rule under a reasonable specification of real-time output-gap uncertainty. The relative performance improves if the inflation process is more backward-looking, if demand or cost-push shocks are less prevalent, and if the output gap has a stronger effect on inflation. | nb_NO |
dc.language.iso | eng | nb_NO |
dc.publisher | Norges Bank | nb_NO |
dc.relation.ispartofseries | Working Papers;9/2002 | |
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: E58 | nb_NO |
dc.subject | JEL: E52 | nb_NO |
dc.subject | JEL: E47 | nb_NO |
dc.subject | Taylor rules | nb_NO |
dc.subject | monetary policy | nb_NO |
dc.subject | simple rules | nb_NO |
dc.subject | uncertain output gap | nb_NO |
dc.subject | inflation-only rule | nb_NO |
dc.title | Simple Monetary Policymaking Without the Output Gap | 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 | 27 | nb_NO |