Changes in GDP's measurement error volatility and response of the monetary policy rate : two approaches

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Borradores de Economía; No. 814
Date published
2014-03-21
Date of last update
2014-03-21
Author
Parra-Polanía, Julián Andrés
Vargas-Riaño, Carmiña Ofelia
Document language
spa
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Las opiniones contenidas en el presente documento son responsabilidad exclusiva de los autores y no comprometen al Banco de la República ni a su Junta Directiva.
Abstract
Using a stylized model in which output is measured with error, we derive the optimal policy response to the demand shock signal and to changes in the measurement error volatility from two different perspectives: the minimization of the expected loss (from
JEL Codes
E52 - Monetary PolicyE58 - Central Banks and Their PoliciesD81 - Criteria for Decision-Making under Risk and Uncertainty
Keywords
Prudence ; Robustness ; Measurement error ; Optimal monetary policy ;
URI
https://repositorio.banrep.gov.co/handle/20.500.12134/6101
https://hdl.handle.net/20.500.12134/6101
https://doi.org/10.32468/be.814
https://ideas.repec.org/p/bdr/borrec/814.html
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This work is licensed under a Creative Commons Reconocimiento-NoComercial 4.0.This document has been deposited by the author (s) under the following certificate of deposit