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Anticipated Alternative Policy-Rate Paths in Policy Simulations

Laséen, Stefan; Svensson, Lars E.O. - Sveriges Riksbank - 2011

This paper specifies a new convenient algorithm to construct policy projections conditional on alternative anticipated policy-rate paths in linearized dynamic stochastic general equilibrium (DSGE) models, such as Ramses, the Riksbank's main DSGE model. Such projections with anticipated...

Persistent link: https://www.econbiz.de/10008838418

Evaluating Monetary Policy

Svensson, Lars E.O. - Sveriges Riksbank - 2009

Evaluating inflation-targeting monetary policy is more complicated than checking whether inflation has been on target …, because inflation control is imperfect and flexible inflation targeting means that deviations from target may be deliberate in … variability of the inflation-gap and output-gap forecasts can be used to evaluate policy ex ante, that is, taking into account the …

Persistent link: https://www.econbiz.de/10008514817

The Discursive Dilemma in Monetary Policy

Claussen, Carl Andreas; Røisland, Øistein - Sveriges Riksbank - 2010

The discursive dilemma implies that the policy decision of a board of policymakers depends on whether the board reaches the decision by voting directly on policy (conclusion-based procedure), or by voting on the premises for the decision (premise-based procedure). We derive results showing when...

Persistent link: https://www.econbiz.de/10008516100

Monetary Policy Trade-Offs in an Estimated Open-Economy DSGE Model

Adolfson, Malin; Laseén, Stefan; Lindé, Jesper; … - Sveriges Riksbank - 2009

This paper studies the transmission of shocks and the trade-offs between stabilizing CPI inflation and alternative … policy, and second, that the trade-off between stabilizing CPI inflation and the output gap strongly depends on which concept …

Persistent link: https://www.econbiz.de/10008528483

Monetary Policy and Staggered Wage Bargaining when Prices are Sticky

Carlsson, Mikael; Westermark, Andreas - Sveriges Riksbank - 2006

In this paper, we outline a baseline DSGE model which enables a straightforward analysis of wage bargaining between firms and households/unions in a model with both staggered prices and wages. Relying on empirical evidence, we assume that prices can be changed whenever wages are changed. This...

Persistent link: https://www.econbiz.de/10005423736

Taylor Rules and the Predictability of Interest Rates

Söderlind, Paul; Söderström, Ulf; Vredin, Anders - Sveriges Riksbank - 2003

disentangle the effects, we study the predictability of all variables in a simple model of monetary policy: inflation, the output …

Persistent link: https://www.econbiz.de/10005423752

Should central banks be more aggressive?

Söderström, Ulf - Sveriges Riksbank - 1999

Simple models of monetary policy often imply optimal policy behavior that is considerably more aggressive than what is commonly observed. This paper argues that such counterfactual implications are due to model restrictions and a failure to account for multiplicative parameter uncertainty,...

Persistent link: https://www.econbiz.de/10005423755

Can a Calibrated New-Keynesian Model of Monetary Policy Fit the Facts?

Söderström, Ulf; Söderlind, Paul; Vredin, Anders - Sveriges Riksbank - 2002

--the central bank's preference parameters; the degree of forward-looking behavior in the determination of inflation and output; and … the variances of inflation and output shocks--to match some broad characteristics of U.S. data. Our preferred …

Persistent link: https://www.econbiz.de/10005423766

Simple Monetary Policy Rules and Exchange Rate Uncertainty

Leitemo, Kai; Söderström, Ulf - Sveriges Riksbank - 2001

We analyze the performance and robustness of some common simple rules for monetary policy in a New-Keynesian open economy model under different assumptions about the exchange rate model. Adding the exchange rate to an optimized Taylor rule gives only small improvements in terms of economic...

Persistent link: https://www.econbiz.de/10005207173

Indicator Accuracy and Monetary Policy: Is Ignorance Bliss?

Nimark, Kristoffer P. - Sveriges Riksbank - 2003

inflation and staggered prices. An implication of the negative welfare consequences of a well informed public is that central …

Persistent link: https://www.econbiz.de/10005190807