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A Practical Model-Based Approach to Monetary Policy Analysis—Overview

This paper motivates and describes an approach to forecasting and monetary policy analysis based on the use of a simple structural macroeconomic model, along the lines of those in use in a number of central banks. It contrasts this approach with financial programming and its emphasis on monetary agg...

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Bibliographic Details
Main Author: Laxton, Douglas
Other Authors: Berg, Andrew, Karam, Philippe
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2006
Series:IMF Working Papers
Subjects:
Interest Rates
Inflation
Finance
Output Gap
Currency; Foreign Exchange
Real Interest Rates
Deflation
Production; Economic Theory
Macroeconomics: Production
Foreign Exchange
Price Level
Banks And Banking
Prices
Macroeconomics
Real Exchange Rates
Interest Rates: Determination, Term Structure, And Effects
Exchange Rates
Production And Operations Management
United States
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary:This paper motivates and describes an approach to forecasting and monetary policy analysis based on the use of a simple structural macroeconomic model, along the lines of those in use in a number of central banks. It contrasts this approach with financial programming and its emphasis on monetary aggregates, as well as with more econometrically driven analyses. It presents illustrative results from an application to Canada. A companion paper provides a more detailed how-to guide and introduces a set of tools designed to facilitate this approach
Physical Description:45 pages
ISBN:9781451863406

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