| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6910 |
| DP6910 Does Idiosyncratic Business Risk Matter? | |
| Claudio Michelacci; Fabiano Schivardi | |
| 发表日期 | 2008-07-15 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | We show how to construct optimal policy projections in Ramses, the Riksbank's open-economy medium-sized DSGE model for forecasting and policy analysis. Bayesian estimation of the parameters of the model indicates that they are relatively invariant to alternative policy assumptions and supports that the model may be regarded as structural in a stable low inflation environment. Past policy of the Riksbank until 2007:3 (the end of the sample used) is better explained as following a simple instrument rule than as optimal policy under commitment. We show and discuss the differences between policy projections for the estimated instrument rule and for optimal policy under commitment, under alternative definitions of the output gap, different initial values of the Lagrange multipliers representing policy in a timeless perspective, and different weights in the central-bank loss function. |
| 主题 | International Macroeconomics |
| 关键词 | Instrument rules Open-economy dsge models Optimal monetary policy Optimal policy projections |
| URL | https://cepr.org/publications/dp6910 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535746 |
| 推荐引用方式 GB/T 7714 | Claudio Michelacci,Fabiano Schivardi. DP6910 Does Idiosyncratic Business Risk Matter?. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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