Title of article
Are centralbanks’projectionsmeaningful
Author/Authors
Jordi Gali، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2011
Pages
14
From page
537
To page
550
Abstract
Centralbanks’projections–i.e.forecastsconditionalonagiveninterestratepath–are
often criticizedonthegroundsthattheirassumptionsareinconsistentwiththe
existenceofauniqueequilibriuminmanyforward-lookingmodels.Thepresentpaper
describesthreealternativeapproachestoconstructingprojectionsthatarenotsubject
to theabovecriticism,usingtheNewKeynesianmodelasareferenceframework.The
threeapproachesareshowntogeneratedifferentprojectionsforinflationandoutput,
even thoughtheyimplyanidenticalpathfortheinterestrate.Thelatterresultcallsinto
questionthemeaningandusefulnessofsuchprojections
Journal title
Journal of Monetary Economics
Serial Year
2011
Journal title
Journal of Monetary Economics
Record number
846492
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