Some Further Evidence on Interest-Rate Smoothing: The Role of Measurement Errors in the Output Gap
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.
|Date of creation:||01 Mar 2005|
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- Castelnuovo, Efrem, 2003.
"Taylor rules, omitted variables, and interest rate smoothing in the US,"
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- 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.
- 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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