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Output Gap estimation, estimation uncertainty and its effect on policy rules

dc.creatorJulio-Román, Juan Manuel
dc.creatorGómez-Pineda, Javier G.
dc.date.created1998-12-01
dc.date.issued1998-12
dc.identifier.urihttps://repositorio.banrep.gov.co/handle/20.500.12134/4075
dc.description.abstractThe authors propose a short run model for the monetary transmission mechanism in which the output gap is model as an unobserved variable. By estimating this model using maximum likelihood on a Kalman Filter, the authors find an estimate of the unobserved output gap as well as its estimation uncertainty. The performance of monetary rules is studied both with certainty on the output gap values as well as with estimation uncertainty.
dc.format.extent30 páginas : gráficas, tablas
dc.format.mimetypePDF
dc.language.isoeng
dc.publisherBanco de la República de Colombia
dc.relation.ispartofArtículos de revista
dc.relation.ispartofseriesRevista Ensayos Sobre Política Económica
dc.relation.isversionofRevista Ensayos Sobre Política Económica; Vol. 17. No. 34. Diciembre, 1998. Pág.: 89-117.
dc.rights.accessRightsOpen Access
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/
dc.subjectIncertidumbre
dc.subjectCiclos económicos
dc.subjectCurva de Phillips
dc.subjectMoneda
dc.subjectColombia
dc.titleOutput Gap estimation, estimation uncertainty and its effect on policy rules
dc.typeArticle
dc.subject.jelG00 - Financial Economics: General
dc.subject.jelE32 - Business Fluctuations; Cycles
dc.subject.jelE58 - Central Banks and Their Policies
dc.audiencePolicymakers
dc.audienceResearchers
dc.audienceStudents
dc.audienceTeachers
dc.subject.keywordUncertainty
dc.subject.keywordEconomic cycles
dc.subject.keywordPhillips curve
dc.subject.keywordMoney
dc.subject.keywordColombia
dc.subject.lembMecanismos de transmisión monetaria -- Colombia
dc.subject.lembPolítica monetaria -- Colombia
dc.subject.lembInflación -- Colombia
dc.subject.lembProducto potencial -- Colombia
dc.type.spaArtículo
dc.rights.spaAcceso abierto
dc.rights.ccAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0
dc.subject.jelspaE58 - Bancos centrales y sus políticas
dc.subject.jelspaE32 - Fluctuaciones económicas; Ciclos
dc.subject.jelspaG00 - Economía financiera: Generalidades
dc.type.hasversionPublished Version
dc.coverage.sucursalBogotá
dc.relation.issn0120-4483
dc.source.bibliographicCitationBarro, Robert (1977). "Unanticipated Money Growth and Unemployment in the United States". The American Economic Review 67(1) March.
dc.source.bibliographicCitationFreeman, Scott, and Finn Kydland "Monetary Aggregates and Output". Paper presented at the 1998 LACEA conference in Buenos Aires.
dc.source.bibliographicCitationGómez, Javier, and Juan Manuel Julio (1999). "Monetary Policy and Inflation: The Long Run and the Lag". Mimeo, Banco de la República.
dc.relation.doihttps://doi.org/10.32468/Espe.3403
dc.relation.repechttps://ideas.repec.org/a/bdr/ensayo/v17y1998i34p89-117.html
dc.relation.dotechttps://ideas.repec.org/a/col/000107/005410.html
dc.identifier.handlehttps://hdl.handle.net/20.500.12134/4075
dc.creator.firmaJulio-Román, Juan Manuel
dc.creator.firmaJavier G. Gómez-Pineda
dc.source.handleRepecRepEc:bdr:ensayo:v:17:y:1998:i:34:p:89-117
dc.source.handleRepecRePEc:col:000107:005410


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