أعرض تسجيلة المادة بشكل مبسط

dc.creator Scharnagl, Michael
dc.creator Gerberding, Christina
dc.creator Seitz, Franz
dc.date 2007
dc.date.accessioned 2013-10-16T07:06:26Z
dc.date.available 2013-10-16T07:06:26Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/19708
dc.identifier ppn:549988521
dc.identifier RePEc:zbw:bubdp1:6648
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/19708
dc.description The paper analyses the performance of simple interest rate rules which feature a response to noisy observations of inflation, output and money growth. The analysis is based on a small empirical model of the hybrid New Keynesian type which has been estimated on euro area data by Stracca (2007). To assess the magnitude of the measurement problems regarding the feedback variables, we draw upon the real-time data set for Germany compiled by Gerberding et al. (2004). We find that interest rate rules which include a response to money growth outperform both Taylor-type rules and speed limit policies once real-time output gap uncertainty is accounted for. One reason is that targeting money growth introduces history dependence into the policy rule which is desirable when private agents are forward-looking. The second reason is that money growth contains information on the "true" growth rate of output which can only be measured imperfectly.
dc.language eng
dc.relation Discussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2007,31
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject E43
dc.subject E58
dc.subject E52
dc.subject ddc:330
dc.subject Monetary policy rules
dc.subject euro area
dc.subject data uncertainty
dc.subject Zinspolitik
dc.subject Regelgebundene Politik
dc.subject Reaktionsfunktion
dc.subject Geldmengensteuerung
dc.subject Ungleichgewichtstheorie
dc.subject Theorie
dc.subject EU-Staaten
dc.subject Deutschland
dc.title Simple interest rate rules with a role for money
dc.type doc-type:workingPaper


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أعرض تسجيلة المادة بشكل مبسط