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:	2005-03-01
Authors:	Kugler, Peter ; Jordan, Thomas J. ; Savioz, Marcel R. ; Lenz, Carlos
Institutions:	Wirtschaftswissenschaftliches Zentrum <Basel>
Subject:	Geldpolitik \| Analyse \| Effizienz

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Extent:	226304 bytes 13 p. application/pdf
Series:	Wirtschaftswissenschaftliches Zentrum <Basel> - discussion paper
Type of publication:	Book / Working Paper
Language:	English
Classification:	E52 - Monetary Policy (Targets, Instruments, and Effects) ; E58 - Central Banks and Their Policies ; Strategic management ; Financial theory ; Procurement of capital ; Individual Working Papers, Preprints ; No country specification
Source:	USB Cologne (business full texts)

Persistent link: https://www.econbiz.de/10005867938