How forward-looking are central banks?: Some evidence from their forecasts/
Brzoza-Brzezina, Michal
How forward-looking are central banks?: Some evidence from their forecasts/ created by Michal Brzoza-Brzezina, Jacek Kotłowski and Agata Miśkowiec - Applied economics letters Volume 20, number 2 .
We estimate forward-looking Taylor rules on data from macroeconomic forecasts of three central banks in order to determine the extent to which these banks are forward-looking. We find that all three banks are to some extent forward-looking, albeit to a varying degree. In general, the horizons for inflation seem to be longer than for output. We also find that central banks prefer to concentrate on one particular horizon rather than take into account the whole forecast.
13504851
Targeting rules--Central bank forecasts--Forward looking monetary policy
HB1.A666 APP
How forward-looking are central banks?: Some evidence from their forecasts/ created by Michal Brzoza-Brzezina, Jacek Kotłowski and Agata Miśkowiec - Applied economics letters Volume 20, number 2 .
We estimate forward-looking Taylor rules on data from macroeconomic forecasts of three central banks in order to determine the extent to which these banks are forward-looking. We find that all three banks are to some extent forward-looking, albeit to a varying degree. In general, the horizons for inflation seem to be longer than for output. We also find that central banks prefer to concentrate on one particular horizon rather than take into account the whole forecast.
13504851
Targeting rules--Central bank forecasts--Forward looking monetary policy
HB1.A666 APP