haku: @author Smets, F. / yhteensä: 9
viite: 8 / 9
| Tekijä: | Gerlach, S. Smets, F. |
| Otsikko: | Output gaps and monetary policy in the EMU area |
| Lehti: | European Economic Review
1999 : APR, VOL. 43:4-6, p. 801-812 |
| Asiasana: | EUROPEAN UNION EUROPEAN CENTRAL BANK EUROPEAN MONETARY SYSTEM OUTPUT |
| Kieli: | eng |
| Tiivistelmä: | Several considerations suggest that the ECB may respond to EMU-wide output gaps in setting policy: estimated reaction functions indicate that central banks respond to output gaps; a Taylor rule in which the central bank respond inflation and the gap accounts for recent movements in interest rates in the EMU-area and optimal control exercises conducted in estimated econometric models suggest that reacting to the gap may be optimal, even if the central bank cares solely about inflation. In this paper, point estimates are obtained with associated confidence bands of the EMU-wide output gap using UC models. |
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