GDP data revisions and forward-looking monetary policy in Switzerland
This paper analyzes forward-looking rules for Swiss monetary policy in a small structural VAR model consisting of four variables taking into account data revisions for GDP. First, the paper develops an analytical method to analyze the effect of data-revision errors in GDP on the ex-ante or condition...
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| Veröffentlicht in: | The North American journal of economics and finance 2005-12, Vol.16 (3), p.351-372 |
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| container_issue | 3 |
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| container_title | The North American journal of economics and finance |
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| creator | Kugler, Peter Jordan, Thomas J. Lenz, Carlos Savioz, Marcel R. |
| description | This paper analyzes forward-looking rules for Swiss monetary policy in a small structural VAR model consisting of four variables taking into account data revisions for GDP. First, the paper develops an analytical method to analyze the effect of data-revision errors in GDP on the ex-ante or conditional inflation-output-growth volatility trade-off and applies it to Swiss data. Second, the effects of different targets in a forward-looking monetary policy on ex-post or unconditional volatility of inflation and output growth is explored with a simulation exercise. In general, the results suggest that focusing monetary policy on GDP growth instead of inflation may lead to an inefficient policy with both increased medium-term inflation and GDP growth volatility in the presence of GDP data revisions. |
| doi_str_mv | 10.1016/j.najef.2005.05.006 |
| format | Article |
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| identifier | ISSN: 1062-9408 |
| ispartof | The North American journal of economics and finance, 2005-12, Vol.16 (3), p.351-372 |
| issn | 1062-9408 1879-0860 |
| language | eng |
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| source | RePEc; Elsevier ScienceDirect Journals Complete |
| subjects | Economic growth Efficiency frontier Forward-looking monetary policy GDP GDP data revisions Gross Domestic Product Inflation Monetary policy Revisions Simulation Structural VAR Studies Volatility |
| title | GDP data revisions and forward-looking monetary policy in Switzerland |
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