Errors in the measurement of the output gap and the design of monetary policy

We exploit data on historical revisions to real-time estimates of the output gap to examine the implications of measurement error for the design of monetary policy, using the Federal Reserve’s model of the U.S. economy, FRB/US. Measurement error brings about a substantial deterioration in economic p...

Ausführliche Beschreibung

Bibliographische Detailangaben

Veröffentlicht in:	Journal of economics and business 2000, Vol.52 (1), p.117-141
Hauptverfasser:	Orphanides, Athanasios, Porter, Richard D, Reifschneider, David, Tetlow, Robert, Finan, Frederico
Format:	Artikel
Sprache:	eng
Schlagworte:	Economic models Errors Federal Reserve monetary policy Input output analysis Interest rate rules Interest rates Monetary policy Output gap measurement Policy evaluation Simulation Studies
Online-Zugang:	Volltext
Tags:	Tag hinzufügen Keine Tags, Fügen Sie den ersten Tag hinzu!