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来源类型Working Paper
规范类型报告
DOI10.3386/w6543
来源IDWorking Paper 6543
Forward-Looking Rules for Monetary Policy
Andrew G. Haldane; Nicoletta Batini
发表日期1998-05-01
出版年1998
语种英语
摘要This paper evaluates a class of simple monetary policy rules which feed back from explicit forecasts of future inflation - inflation forecast-based (IFB) rules. These rules aim to mimic current monetary policy practices among the inflation-targeting countries, where policy decisions are based on inflation forecasts. The rules themselves are evaluated using simulations from a small, rational expectations, open-economy macro-model. IFB rules are found to perform well in comparison with other simple rules, such as the Taylor rule. The reasons for this are: first, because they embody the lags in monetary transmission, aligning explicitly the control and the feedback variables of the policymaker; second, because IFB rules are capable of smoothing output by as much as is possible with rules which target output directly - for example, through variations in the forecast horizon; and third, because IFB rules implicitly condition on all state variables, and thus are information-efficient. For these reasons, inflation-targeting rules with an explicitly forward-looking dimension are found to take us within reach of the fully-optimal rule.
URLhttps://www.nber.org/papers/w6543
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/564058
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GB/T 7714
Andrew G. Haldane,Nicoletta Batini. Forward-Looking Rules for Monetary Policy. 1998.
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