The Analysis of Forward-Looking Monetary Policy in a SVAR Framework
AbstractThis paper analyzes forward-looking monetary policy rules in structural VAR’s. First, an approach for modeling a monetary policy which aims at a strict medium term inflation or output growth target is developed. Second, the ex ante inflation-output-growth volatility trade-off for a forward-looking policy aiming at a convex combination these strategies is derived. Finally, an illustration of our approach using Swiss data is given.
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Bibliographic InfoPaper provided by Faculty of Business and Economics - University of Basel in its series Working papers with number 2005/10.
Date of creation: 2005
Date of revision:
Structural VAR; forward-looking monetary policy; efficiency frontier;
Find related papers by JEL classification:
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
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- Kugler, Peter & Jordan, Thomas J. & Lenz, Carlos & Savioz, Marcel R., 2005.
"GDP data revisions and forward-looking monetary policy in Switzerland,"
The North American Journal of Economics and Finance,
Elsevier, vol. 16(3), pages 351-372, December.
- Thomas J. Jordan & Peter Kugler & Carlos Lenz & Marcel R. Savioz, 2005. "GDP Data Revisions and Forward-Looking Monetary Policy in Switzerland," Working papers 2005/05, Faculty of Business and Economics - University of Basel.
- Gregor Bäurle & Elizabeth Steiner, 2013. "How do individual sectors respond to macroeconomic shocks? A structural dynamic factor approach applied to Swiss data," Working Papers 2013-09, Swiss National Bank.
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