The macroeconomic loss function : a critical note

Thomas Mayer

The standard loss function counts both positive and negative deviations from the output and inflation targets as losses. But if the sample period is long enough, then output growth in excess of the target, and often also inflation rates that are below target, should be counted as gains instead of losses.

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Year of publication:	2002
Authors:	Mayer, Thomas
Publisher:	Munich : Center for Economic Studies [u.a.]
Subject:	Wirtschaftlicher Schaden \| Economic loss \| Bewertung \| Evaluation \| Bruttoinlandsprodukt \| Gross domestic product \| Inflation \| Theorie \| Theory

Extent:	7 S
Series:	CESifo working papers : the international platform of Ludwig-Maximilians University's Center for Economic Studies and the Ifo Institute. - Munich : CESifo, ISSN 1617-9595, ZDB-ID 2023380-2. - Vol. 771
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Notes:	Literaturverz. S. 7 Internetausg.: http://www.cesifo.de/pls/ifo_app/DocLinkCESifoDl?getDoc=cesifo_wp771.pdf
Classification:	E61 - Policy Objectives; Policy Designs and Consistency; Policy Coordination ; E50 - Monetary Policy, Central Banking and the Supply of Money and Credit. General ; E37 - Forecasting and Simulation
Source:	ECONIS - Online Catalogue of the ZBW

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