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Identifying Policy-makers' Objectives
Nicholas RoweBank of Canada
其他書名
An Application to the Bank of Canada
出版Bank of Canada, 2000
ISBN066229131X9780662291312
URLhttp://books.google.com.hk/books?id=neS-cQAACAAJ&hl=&source=gbs_api
註釋This paper develops a new way to test hypotheses about policy-makers' economic targets, and implements that test for Canadian monetary policy. The methodology described focusses on the idea that the forecastable component of a variable is a measure of the policy target of a rational policy authority, and that the distance between the forecastable component of a variable and its hypothesized target can be used to construct a test of the particular target. Results are presented for tests related to targeting of inflation and of gross domestic product.