Output Gap Uncertainty and Real Time Monetary Policy is popular PDF and ePub book, written by Francesco Grigoli in 2015-01-23, it is a fantastic choice for those who relish reading online the Business & Economics genre. Let's immerse ourselves in this engaging Business & Economics book by exploring the summary and details provided below. Remember, Output Gap Uncertainty and Real Time Monetary Policy can be Read Online from any device for your convenience.
Output Gap Uncertainty and Real Time Monetary Policy Book PDF Summary
Output gap estimates are subject to a wide range of uncertainty owing to data revisions and the difficulty in distinguishing between cycle and trend in real time. This is important given the central role in monetary policy of assessments of economic activity relative to capacity. We show that country desks tend to overestimate economic slack, especially during recessions, and that uncertainty in initial output gap estimates persists several years. Only a small share of output gap revisions is predictable ex ante based on characteristics like output dynamics, data quality, and policy frameworks. We also show that for a group of Latin American inflation targeters the prescriptions from typical monetary policy rules are subject to large changes due to output gap revisions. These revisions explain a sizable proportion of the deviation of inflation from target, suggesting this information is not accounted for in real-time policy decisions.
Detail Book of Output Gap Uncertainty and Real Time Monetary Policy PDF
- Author : Francesco Grigoli
- Release : 23 January 2015
- Publisher : International Monetary Fund
- ISBN : 9781498393454
- Genre : Business & Economics
- Total Page : 35 pages
- Language : English
- PDF File Size : 21,6 Mb
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