dc.contributor.author | Qvigstad, Jan F. | |
dc.date.accessioned | 2011-10-26T10:47:30Z | |
dc.date.available | 2011-10-26T10:47:30Z | |
dc.date.issued | 2006 | |
dc.identifier.issn | 1503-3031 | |
dc.identifier.uri | http://hdl.handle.net/11250/95189 | |
dc.description.abstract | Svensson (2004) suggested that a monetary policy committee of a central bank
(MPC) should “find an instrument-rate path such that projections of inflation
and output gap ‘look good’.” Academic literature on monetary policy gives
guidance as to what the words “look good” means. However, there is a need
for a translation of the theoretical framework into concrete criteria when an
MPC shall evaluate interest rate paths in practice. Six criteria for an appropriate
interest rate path are presented. In the November 2005 Inflation Report,
Norges Bank presented for the first time an optimal interest rate path including
a fan chart illustrating the uncertainty of the forecast using these criteria. Examples
used in explaining the criteria are drawn from Norwegian experiences. | en_US |
dc.language.iso | eng | en_US |
dc.publisher | Handelshøyskolen BI, Centre for Monetary Economics (CME) | en_US |
dc.relation.ispartofseries | CME Working paper series;5/2006 | |
dc.title | When does an interest path "look good"? Criteria for an appropriate future interest rate path | en_US |
dc.type | Working paper | en_US |
dc.source.pagenumber | 18 s. | en_US |