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Displaying results 1 to 5 of 5.

  1. Monetary policy with judgment
    forecast targeting
    Published: 2005
    Publisher:  European Central Bank, Frankfurt am Main

    "Forecast targeting," forward-looking monetary policy that uses central-bank judgment to construct optimal policy projections of the target variables and the instrument rate, may perform substantially better than monetary policy that disregards... more

    Location:
    Staats- und Universitätsbibliothek Bremen
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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 243 (476)
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    Location:
    ifo Institut für Wirtschaftsforschung an der Universität München, Bibliothek
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    "Forecast targeting," forward-looking monetary policy that uses central-bank judgment to construct optimal policy projections of the target variables and the instrument rate, may perform substantially better than monetary policy that disregards judgment and follows a given instrument rule. This is demonstrated in a few examples for two empirical models of the U.S. economy, one forward looking and one backward looking. A practical finite-horizon approximation is used. Optimal policy projections corresponding to the optimal policy under commitment in a timeless perspective can easily be constructed. The whole projection path of the instrument rate is more important than the current instrument setting. The resulting reduced-form reaction function for the current instrument rate is a very complex function of all inputs in the monetary-policy decision process, including the central bank’s judgment. It cannot be summarized as a simple reaction function such as a Taylor rule. Fortunately, it need not be made explicit

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper series / European Central Bank ; 476
    Subjects: Geldpolitik; Geldpolitisches Ziel; Regelbindung versus Diskretion; Inflationssteuerung; Monetary policy; Anti-inflationary policies; Economic forecasting
    Scope: Online Ressource, 81 p., text
  2. Monetary policy with model uncertainty
    distribution forecast targeting
    Author: Svensson, Lars E. O.; Williams, Noah
    Published: 2005
    Publisher:  National Bureau of Economic Research, Cambridge, Mass.

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    W 1 (11733)
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    RVK Categories: QB 910 ; QK 900
    Series: NBER working paper series ; 11733
    Subjects: Geldpolitik; Risiko; Makroökonometrie; Prognoseverfahren; Theorie; Monetary policy; Uncertainty; Economic forecasting
    Scope: 62 S, graph. Darst
    Notes:

    Literaturverz. S. 59 - 62
  3. Buduščee Rossii
    inercionnoe razvitie ili innovacionnyj proryv?
    Author: Ivanter, V. V.; Kuzyk, Boris N.
    Published: 2005
    Publisher:  Inst. Ėkonomičeskich Strategij, Moskva

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    B 343641
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    Source: Union catalogues
    Language: Russian
    Media type: Book
    Format: Print
    ISBN: 5936180875
    Subjects: Wirtschaftsprognose; Wirtschaftsplanung; Wirtschaftspolitik; Investitionspolitik; Technologiepolitik; Technischer Fortschritt; Russland; Economic forecasting
    Scope: 143 S., graph. Darst.
  4. The Bank of England quarterly model
    Published: c2005
    Publisher:  Bank of England, London

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    C 247388
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    ISBN: 1857301536
    Subjects: Makroökonometrie; Prognoseverfahren; Großbritannien; Economic forecasting; Banks and banking
    Scope: VII, 244 S., graph. Darst., 30cm
    Notes:

    Includes bibliographical references
  5. Understanding and comparing factor-based forecasts
    Author: Boivin, Jean; Ng, Serena
    Published: 2005
    Publisher:  National Bureau of Economic Research, Cambridge, Mass.

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    W 1 (11285)
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    Location:
    ifo Institut für Wirtschaftsforschung an der Universität München, Bibliothek
    Signature:
    82/766 B-11285
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    RVK Categories: QB 910
    Series: NBER working paper series ; 11285
    Subjects: Prognoseverfahren; Economic forecasting
    Scope: 27 S, graph. Darst
    Notes:

    Internetausg.: papers.nber.org/papers/w11285.pdf - lizenzpflichtig

    Literaturverz. S. 26 - 27