Coverart for item
The Resource Output Gap Uncertainty and Real-Time Monetary Policy

Output Gap Uncertainty and Real-Time Monetary Policy

Label
Output Gap Uncertainty and Real-Time Monetary Policy
Title
Output Gap Uncertainty and Real-Time Monetary Policy
Creator
Author
Subject
Genre
Language
eng
Summary
Output gap estimates are subject to a wide range of uncertainty owing to data revisions and the difficulty in distinguishing between cycle and trend in real time. This is important given the central role in monetary policy of assessments of economic activity relative to capacity. We show that country desks tend to overestimate economic slack, especially during recessions, and that uncertainty in initial output gap estimates persists several years. Only a small share of output gap revisions is predictable ex ante based on characteristics like output dynamics, data quality, and policy frameworks. We also show that for a group of Latin American inflation targeters the prescriptions from typical monetary policy rules are subject to large changes due to output gap revisions. These revisions explain a sizable proportion of the deviation of inflation from target, suggesting this information is not accounted for in real-time policy decisions
Member of
Cataloging source
DcWaIMF
http://bibfra.me/vocab/lite/collectionName
IMF eLibrary
http://library.link/vocab/creatorName
Grigoli, Francesco
Government publication
international or intergovernmental publication
LC call number
K4452.I57
LC item number
G754 2015 ONLINE
Literary form
non fiction
Nature of contents
dictionaries
Series statement
IMF Working Paper
http://library.link/vocab/subjectName
  • Cross Country Analysis
  • Economic Growth
  • Brazil
  • Chile
  • Colombia
Label
Output Gap Uncertainty and Real-Time Monetary Policy
Instantiates
Publication
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Color
multicolored
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
imfWPIEA2015014
Dimensions
unknown
Extent
1 online resource (35 pages)
Form of item
online
Isbn
9781498393454
Issn
1018-5941
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
10.5089/9781498393454.001
Specific material designation
remote
System control number
(IMF)WPIEA2015014
Label
Output Gap Uncertainty and Real-Time Monetary Policy
Publication
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Color
multicolored
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
imfWPIEA2015014
Dimensions
unknown
Extent
1 online resource (35 pages)
Form of item
online
Isbn
9781498393454
Issn
1018-5941
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
10.5089/9781498393454.001
Specific material designation
remote
System control number
(IMF)WPIEA2015014

Library Locations

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