Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/123355
Authors: 
Jordan, Thomas J.
Kugler, Peter
Lenz, Carlos
Savioz, Marcel R.
Year of Publication: 
2005
Series/Report no.: 
WWZ Discussion Paper 2005/10
Abstract: 
This paper analyzes forward-looking monetary policy rules in structural VAR's. First, an approach for modeling a monetary policy which aims at a strict medium term inflation or output growth target is developed. Second, the ex ante inflation-output-growth volatility trade-off for a forward-looking policy aiming at a convex combination these strategies is derived. Finally, an illustration of our approach using Swiss data is given.
Subjects: 
Structural VAR
forward-looking monetary policy
efficiency frontier
JEL: 
E52
E58
Document Type: 
Working Paper

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