Output sensitivity of monetary policy and macroeconomic performance

Employing dynamic panel estimation techniques we derive an empirical measure of central banks' degree of output sensitivity. When relating this measure to macroeconomic outcome variables, we find that a decrease in output sensitivity results in larger business-cycle movements and higher medium-term inflation uncertainty. However, the level of inflation is decreased and the output gap is increased.

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Year of publication:	2012
Authors:	Berlemann, Michael ; Hielscher, Kai
Published in:	Applied Economics Letters. - Taylor & Francis Journals, ISSN 1350-4851. - Vol. 19.2012, 15, p. 1505-1509
Publisher:	Taylor & Francis Journals

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Extent:	text/html
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010548780