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 …

) arises endogenously through the wage bargaining institutions. It is shown that the optimal (discretionary) monetary policy … slightly smaller in an economy with DNWR. This is due to that DNWR is not an additional constraint on the monetary policy … variability. Another finding is that the Taylor rule provides a fairly good approximation of optimal policy under DNWR. In …

This paper specifies a new convenient algorithm to construct policy projections conditional on alternative anticipated … policy-rate paths in linearized dynamic stochastic general equilibrium (DSGE) models, such as Ramses, the Riksbank's main … DSGE model. Such projections with anticipated policy-rate paths correspond to situations where the central bank …

vivid debate on the possible implications for monetary policy. In this paper, we ask whether the U.S. Fed, the Bank of Japan … policy ; DSGE models ; Bayesian estimation …

policy, and second, that the trade-off between stabilizing CPI inflation and the output gap strongly depends on which concept … ; open-economy DSGE models ; Optimal monetary policy ; output gap ; potential output …

’s Executive Board, the monetary policy committee (MPC) of the Swedish central bank. The questions cover a number of issues … discussed in the growing literature on monetary policy making by committees. The paper thus relates research to the views of … Riksbank MPC to be slightly too large, that it is very common that members have decided before the policy meeting how they will …

One characteristic feature of central banks today is that policy decisions are almost exclusively made by a committee … rather than by a single policy maker. Another is that central banks are considerably more transparent than they used to be … policy easier to understand and predict, or does it make it harder? We address this issue by employing a novel method. We …

Policymakers often use the output gap, a noisy signal of economic activity, as a guide for setting monetary policy …. Noise in the data argues for policy caution. At the same time, the zero bound on nominal interest rates constrains the … central bank's ability to stimulate the economy during downturns. In such an environment, greater policy stimulus may be …

approach for setting policy, which implies commit- ting to a more expansionary policy to deal with uncertainty about the … economic recovery. Using a standard model for monetary policy analysis, I study the effects of an uncertain future for both … which policy can overcome uncertainty depends crucially on the choice of policy framework. …

In this paper, I use high-frequency financial market estimates to identify the monetary policy shock in a non … monetary policy has strong and significant delayed effects on real activity. I also obtain stock market responses that are … compatible with the efficient market hypothesis and find that consumer prices react very little to monetary policy. …