Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/209886 
Erscheinungsjahr: 
2007
Schriftenreihe/Nr.: 
Working Paper No. 2007/10
Verlag: 
Norges Bank, Oslo
Zusammenfassung: 
The time-varying natural rate of interest and output and the implied medium term inflation target for the US economy are estimated over the period 1983-2005. The estimation is conducted within the New-Keynesian framework using Bayesian and Kalman-filter estimation techniques. With the model-consistent estimate of the output gap, we get a small weight on the backward-looking component of the New-Keynesian Phillips curve - similar to what is obtained in studies which use labor share of income as a driver for inflation (e.g., Galì et al., 2001, 2003). The turning points of the business cycle are nevertheless broadly consistent with those of CBO/NBER. We find considerable variation in the natural rate of interest while the inflation target has been close to 2% over the last decade.
Schlagwörter: 
New-Keynesian model
natural rate of interest
natural rate of output
inflation target
JEL: 
C51
E32
E37
E52
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-82-7553-408-6
Creative-Commons-Lizenz: 
cc-by-nc-nd Logo
Dokumentart: 
Working Paper
Erscheint in der Sammlung:

Datei(en):
Datei
Größe
448.24 kB





Publikationen in EconStor sind urheberrechtlich geschützt.