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Practical issues in monetary policy targeting

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  • Stephen G. Cecchetti

Abstract

An outline of the considerable information requirements faced by monetary policymakers, and an examination of the data to see what we actually know and how well we know it. The author's primary conclusion is that the deficiencies of our forecasting ability create uncertainty that leads to cautious policymaking.

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Bibliographic Info

Article provided by Federal Reserve Bank of Cleveland in its journal Economic Review.

Volume (Year): (1996)
Issue (Month): Q I ()
Pages: 2-15

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Handle: RePEc:fip:fedcer:y:1996:i:qi:p:2-15

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Keywords: Econometric models ; Monetary policy;

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Cited by:
  1. Roszbach, Kasper, 1997. "Reaction Function Estimation when Central Banks Face Adjustment Costs," Working Paper Series in Economics and Finance 155, Stockholm School of Economics.
  2. Juha Kilponen & Marc-Alexandre Sénégas & Jouko Vilmunen, 2007. "Bayesian versus robust control approach towards parameter uncertainty in monetary policymaking: how close are the outcomes? Some illustrating evidence from the EMU economies," Money Macro and Finance (MMF) Research Group Conference 2006 113, Money Macro and Finance Research Group.
  3. Philip Lowe & Luci Ellis, 1997. "The Smoothing of Official Interest Rates," RBA Annual Conference Volume, in: Philip Lowe (ed.), Monetary Policy and Inflation Targeting Reserve Bank of Australia.
  4. Alexis Penot, 1998. "La politique monétaire française à travers la règle de Taylor," Revue d'Économie Financière, Programme National Persée, vol. 49(5), pages 135-154.
  5. Marc-Alexandre Sénégas, 2002. "La politique monétaire face à l'incertitude : un survol méthodologique des contributions relatives à la zone euro," Revue d'Économie Financière, Programme National Persée, vol. 65(1), pages 177-200.
  6. Engert, Walter & Hendry, Scott, 1998. "Forecasting Inflation with the M1-VECM: Part Two," Working Papers 98-6, Bank of Canada.
  7. Kui-Wai Li, 2013. "The US monetary performance prior to the 2008 crisis," Applied Economics, Taylor & Francis Journals, vol. 45(24), pages 3450-3461, August.

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