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

This paper analyzes forward-looking monetary policy rules in structural VAR's. First, an approach for modeling a monetary policy which aims at a strict medium term inflation or output growth target is developed. Second, the ex ante inflation-output-growth volatility trade-off for a forward-looking policy aiming at a convex combination these strategies is derived. Finally, an illustration 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.
Publisher:	Basel : University of Basel, Center of Business and Economics (WWZ)
Subject:	Structural VAR \| forward-looking monetary policy \| efficiency frontier

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Series:	WWZ Discussion Paper ; 2005/10
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	10.5451/unibas-ep61258 [DOI] 874375967 [GVK] hdl:10419/123355 [Handle] RePEc:bsl:wpaper:2005/10 [RePEc]
Classification:	E52 - Monetary Policy (Targets, Instruments, and Effects) ; E58 - Central Banks and Their Policies
Source:	EconStor

Persistent link: https://www.econbiz.de/10011390596