The Instrument-Rate Projection under Inflation Targeting: The Norwegian Example

Lars E.O. Svensson

45 citations0/0 files storedRePEc: Research Papers in Economics

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Monetary Policy and Economic Impact Forecasting Techniques and Applications Economic theories and models

Abstract

The introduction of inflation targeting has led to major progress in practical monetary policy. Recent debate has focused on the interest-rate assumption underlying published projections of inflation and other target variables. This paper discusses the role of alternative interest-rate paths in the monetary-policy decision process and the recent publication by Norges Bank (the central bank of Norway) of optimal interest-rate projections with fan charts. JEL Classification: E42, E52, E58

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References

2003What Is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules 1997Inflation Forecasts and Monetary Policy 2003Modest policy interventions 2004Implementing Optimal Policy through Inflation-Forecast Targeting 2002The Role of Models and Probabilities in the Monetary Policy Process 2006Social Value of Public Information: Morris and Shin (2002) Is Actually Pro-Transparency, Not Con: Reply 2002Communication and Monetary Policy 1996How Should Central Banks Reduce Inflation?-Conceptual Issues

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