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A Practical Model-Based Approach to Monetary Policy Analysis--Overview

Author/Editor: Berg, Andrew | Karam, Philippe D | Laxton, Douglas
Authorized for Distribution: March 1, 2006
Electronic Access: Free Full Text (PDF file size is 635KB)
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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.

Summary: This paper motivates and describes an approach to forecasting and monetary policy analysis based on the use of a simple structural macroeconomic model, along the lines of those in use in a number of central banks. It contrasts this approach with financial programming and its emphasis on monetary aggregates, as well as with more econometrically driven analyses. It presents illustrative results from an application to Canada. A companion paper provides a more detailed how-to guide and introduces a set of tools designed to facilitate this approach.
 
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Series: Working Paper No. 06/80
Subject(s): Monetary policy | Canada | United States | Monetary aggregates | Forecasting models | Economic models
Author's keyword(s): Monetary Policy | forecasting and simulation | model construction | and estimation
 
English  
    Published:   March 1, 2006        
    ISBN/ISSN:   0 / 1934-7073   Format:   Paper
    Stock No:   WPIEA2006080   Pages:   45
    Price:   US$15.00 (Academic Rate: US$15.00 )
       
     
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