Inflation scares and forecast-based monetary policy
Division of Research & Statistics and Monetary Affairs, Federal Reserve Board, 2003 - Business & Economics - 37 pages
What people are saying - Write a review
We haven't found any reviews in the usual places.
3-step-ahead 5-step-ahead forecast actual inﬂation Athanasios Orphanides baseline Brian Sack central banks dynamics Economics Discussion Series estimate European Central Bank expected inﬂation Federal funds rate Federal Reserve Bank Federal Reserve Board ﬁgure ﬁnite memory ﬁrst ﬁxed forecast of inﬂation forecasting model horizon horizon-speciﬁc imperfect Inﬂation Forecasts inﬂation gap inﬂation rate inﬂation scares inﬂation stabilization inﬂation target intended output gap John Journal of Monetary July long-run inﬂation expectations macroeconomic Mark Carlson Market Michael Woodford Monetary Economics Monetary Policy Rules observed inﬂation optimal policy optimal value Orphanides and Williams outcome output stabilization panel parameters percentage points perfect knowledge benchmark perpetual learning Policy responds policy that responds policymaker policymaker’s public’s rational expectations reﬂected responds to observed response of inﬂation rules that respond sensitivity of inﬂation September 2002 sequence of shocks serially correlated signiﬁcant Speciﬁcally Svensson Sveriges Riksbank Taylor Rule Term Structure two-parameter rule Woodford