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Some Further Evidence on Interest-Rate Smoothing: The Role of Measurement Errors in the Output Gap

  • Apel, Mikael

    ()

    (Monetary Policy Department, Central Bank of Sweden)

  • Jansson, Per

    ()

    (Monetary Policy Department, Central Bank of Sweden)

It has been suggested that interest-rate smoothing may be partly explained by an omitted variable that relates to conditions in financial markets. We propose an alternative interpretation that suggests that it relates to measurement errors in the output gap.

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Paper provided by Sveriges Riksbank (Central Bank of Sweden) in its series Working Paper Series with number 178.

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Length: 17 pages
Date of creation: 01 Mar 2005
Date of revision:
Handle: RePEc:hhs:rbnkwp:0178
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  1. Glenn D. Rudebusch, 2001. "Term structure evidence on interest rate smoothing and monetary policy inertia," Working Paper Series 2001-02, Federal Reserve Bank of San Francisco.
  2. Castelnuovo, Efrem, 2003. "Taylor rules, omitted variables, and interest rate smoothing in the US," Economics Letters, Elsevier, vol. 81(1), pages 55-59, October.
  3. Gerlach-Kristen Petra, 2004. "Interest-Rate Smoothing: Monetary Policy Inertia or Unobserved Variables?," The B.E. Journal of Macroeconomics, De Gruyter, vol. 4(1), pages 1-19, March.
  4. English William B. & Nelson William R. & Sack Brian P., 2003. "Interpreting the Significance of the Lagged Interest Rate in Estimated Monetary Policy Rules," The B.E. Journal of Macroeconomics, De Gruyter, vol. 3(1), pages 1-18, April.
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