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Practical Model-Based Monetary Policy Analysis--A How-To Guide
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Author/Editor: |
Berg, Andrew | Laxton, Douglas | Karam, Philippe D |
| Authorized for Distribution: |
March 1, 2006 |
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Electronic Access: |
Free Full Text (PDF file size is 820KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.
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Summary: This paper provides a how-to guide to model-based forecasting and monetary policy analysis. It describes a simple structural model, along the lines of those in use in a number of central banks. This workhorse model consists of an aggregate demand (or IS) curve, a price-setting (or Phillips) curve, a version of the uncovered interest parity condition, and a monetary policy reaction function. The paper discusses how to parameterize the model and use it for forecasting and policy analysis, illustrating with an application to Canada. It also introduces a set of useful software tools for conducting a model-consistent forecast.
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Order a print copy
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Series: |
Working Paper No. 06/81 |
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Subject(s): |
Monetary policy | Canada | United States | Monetary aggregates | Forecasting models | Economic models |
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Author's keyword(s): |
Monetary Policy | Forecasting and Simulation | Model construction and estimation | computational techniques |
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Published: |
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March 1, 2006 |
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ISBN/ISSN: |
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0 / 1934-7073 |
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Format: |
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Paper |
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Stock No: |
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WPIEA2006081 |
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Pages: |
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69 |
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Price: |
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US$15.00 (Academic Rate: US$15.00 )
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