Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/81915 
Erscheinungsjahr: 
2008
Schriftenreihe/Nr.: 
Sveriges Riksbank Working Paper Series No. 225
Verlag: 
Sveriges Riksbank, Stockholm
Zusammenfassung: 
We show how to construct optimal policy projections in Ramses, the Riksbank's openeconomy 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.
Schlagwörter: 
optimal monetary policy
instrument rules
optimal policy projections
openeconomy DSGE models
JEL: 
E52
E58
Dokumentart: 
Working Paper
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