The Analysis of Forward-Looking Monetary Policy in a SVAR Framework

This paper analyzes forward-looking monetary policy rules in structural VAR’s. First, anapproach for modeling a monetary policy which aims at a strict medium term inflation or outputgrowth target is developed. Second, the ex ante inflation-output-growth volatility trade-off for aforward-looking policy aiming at a convex combination these strategies is derived. Finally, anillustration of our approach using Swiss data is given.

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Year of publication:	2005
Authors:	Jordan, Thomas J. ; Kugler, Peter ; Lenz, Carlos ; Savioz, Marcel R.
Institutions:	Wirtschaftswissenschaftliches Zentrum, Universität Basel
Subject:	Structural VAR \| forward-looking monetary policy \| efficiency frontier

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Extent:	application/pdf
Series:	Working papers.
Type of publication:	Book / Working Paper
Classification:	E52 - Monetary Policy (Targets, Instruments, and Effects) ; E58 - Central Banks and Their Policies
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10009025059