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Anticipated alternative policy-rate paths in policy simulations

Laséen, Stefan; Svensson, Lars E.O. - 2011

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...

Persistent link: https://www.econbiz.de/10010320784

Optimal monetary policy in an operational medium-sized DSGE model

Adolfson, Malin; Laséen, Stefan; Lindé, Jesper; … - 2008

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 …

Persistent link: https://www.econbiz.de/10010320787

Monetary policy trade-offs in an estimated open-economy DSGE model

Adolfson, Malin; Laséen, Stefan; Lindé, Jesper; … - 2009

This paper studies the transmission of shocks and the trade-offs between stabilizing CPI inflation and alternative measures of the output gap in Ramses, the Riksbank's empirical dynamic stochastic general equilibrium (DSGE) model of a small open economy. The main results are, first, that the...

Persistent link: https://www.econbiz.de/10010320788

How robust is the result that the cost of "leaning against the wind" exceeds the benefit? Response to Adrian and Liang

Svensson, Lars E.O. - 2017

The main result in Svensson (2017) and its previous versions is that, given current knowledge and empirical estimates, the cost of using monetary policy to "lean against the wind" for financialstability purposes exceeds the benefit by a substantial margin. Adrian and Liang (2016a) conduct a...

Persistent link: https://www.econbiz.de/10011667207

Monetary Policy with Model Uncertainty: Distribution Forecast Targeting

Williams, Noah; Svensson, Lars E.O. - Society for Computational Economics - SCE - 2005

We examine optimal and other monetary policies in a linear-quadratic setup with relatively general forms of model uncertainty. The forms of uncertainty our framework encompasses include: simple i.i.d. model deviations; serially correlated model deviations; estimable regime-switching models; more...

Persistent link: https://www.econbiz.de/10005537471

New Techniques to Extract Market expectations from Financial Instruments

Söderlind, Paul; Svensson, Lars E.O. - Economics Institute for Research (SIR), … - 1996

This paper is a selective survey of new or recent methods to extract information about market expectations from asset prices for monetary policy purposes. Traditionally, interest rates and forward exchange rates have been used to extract expected means of future interest rates, exchange rates...

Persistent link: https://www.econbiz.de/10005423847

What Is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules

Svensson, Lars E.O. - Griswold Center for Economic Policy Studies, Department … - 2002

Most recent research on monetary-policy rules is restricted to considering a commitment to simple instrument rules …. However, a commitment to a simple instrument rule appears inadequate as a description of current goal-directed and forward … as a commitment to a targeting rule, either a general targeting rule in the form of clear objectives for monetary policy …

Persistent link: https://www.econbiz.de/10005435946

Monetary Policy and Real Stabilization

Svensson, Lars E.O. - Griswold Center for Economic Policy Studies, Department … - 2002

Monetary policy can achieve average inflation equal to a given inflation target and, at best, a good compromise between inflation variability and output-gap variability. The complex transmission mechanism, varying lags and strength of the effects through different channels, unpredictable shocks...

Persistent link: https://www.econbiz.de/10005435953

Forward Guidance

Svensson, Lars E.O. - National Bureau of Economic Research (NBER) - 2014

Forward guidance about future policy settings, in the form of a published policy-rate path, has for many years been a natural part of normal monetary policy for several central banks, including the Reserve Bank of New Zealand and the Swedish Riksbank. The Swedish and New Zealand experience of a...

Persistent link: https://www.econbiz.de/10011105937

The Possible Unemployment Cost of Average Inflation below a Credible Target

Svensson, Lars E.O. - National Bureau of Economic Research (NBER) - 2013

If inflation expectations become firmly anchored at the inflation target even when average inflation deviates from the target, the long-run Phillips curve becomes non-vertical. During 1997-2011, average inflation expectations in Sweden have been close to the inflation target of 2 percent,...

Persistent link: https://www.econbiz.de/10011234893

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