...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Economic systems >Finance-neutral potential output: An evaluation in an emerging market monetary policy context
【24h】

Finance-neutral potential output: An evaluation in an emerging market monetary policy context

机译：与金融无关的潜在产出：新兴市场货币政策背景下的评估

获取原文
获取原文并翻译 | 示例
   

获取外文期刊封面封底 >>

       
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

In this paper, output gaps that include financial cycle information are evaluated against policy analysis models used by the Colombian central bank. This is an important feature, since policy related models are the only relevant yardstick and emerging economies (such as Colombia) have been historically more vulnerable to financial imbalances. Unlike previous works, finance-neutral gaps were evaluated in a monetary policy context exactly as it is routinely performed by a central bank. The distribution of output gap revisions is analyzed and a metric to compare real-time robustness across models is developed. This metric constitutes a novel way to summarize the distribution of real-time uncertainty around output gaps, and policymakers should employ it for comparison purposes. Also, the real-time policy performance of finance-neutral gaps is studied, separating suggested ex post from operational ex ante usefulness. The results suggest that finance-neutral gaps are neither more robust in real time nor more operationally useful than the benchmark estimates. These results have important implications for policymakers and for the relevant literature.
机译：在本文中，将根据哥伦比亚中央银行使用的政策分析模型评估包括金融周期信息在内的产出缺口。这是一个重要的功能，因为与政策相关的模型是唯一相关的标准，而且从历史上看，新兴经济体（例如哥伦比亚）更容易受到金融失衡的影响。与以前的工作不同，金融中性缺口是在货币政策环境下准确评估的，就像中央银行通常执行的那样。分析了输出差距修正的分布，并开发了一种度量，用于比较各个模型的实时鲁棒性。该度量标准是一种新颖的方式，可以总结围绕产出缺口的实时不确定性分布，决策者应将其用于比较目的。此外，还研究了财务中性缺口的实时政策绩效，将建议的事后与事前操作的有用性分开。结果表明，与基准估计相比，财务中立的缺口在实时性上既不强大，在操作上也无济于事。这些结果对决策者和相关文献具有重要意义。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号