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News Shocks and Optimal Simple Rules
-
Roland C. Winkler
and
Hans-Werner Wohltmann
Published/Copyright:
April 19, 2016
Summary
This paper evaluates the performance of optimal simple policy rules in the presence of news shocks. It is shown that the inclusion of forward-looking elements enhances the performance of simple optimized interest rate rules when agents learn about future disturbances in advance. We provide a rationale for this result by demonstrating that, if shocks are news shocks, the optimal unrestricted control rule under commitment contains as a basic principle a forward-looking element.
Online erschienen: 2016-4-19
Erschienen im Druck: 2011-4-1
© 2011 by Lucius & Lucius, Stuttgart
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Articles in the same Issue
- Inhalt
- News Shocks and Optimal Simple Rules
- Rising Import Demand in China: Cui Bono and Why?
- Capital inflows, Current Accounts, and Exchange Rate Regimes in Central East Europe during and after the Global Financial Crisis
- Von der Finanzkrise zur Schuldenkrise
- Sind konsumbasierte Kapitalmarktmodelle mit europäischen Wertpapierrenditen vereinbar?
Articles in the same Issue
- Inhalt
- News Shocks and Optimal Simple Rules
- Rising Import Demand in China: Cui Bono and Why?
- Capital inflows, Current Accounts, and Exchange Rate Regimes in Central East Europe during and after the Global Financial Crisis
- Von der Finanzkrise zur Schuldenkrise
- Sind konsumbasierte Kapitalmarktmodelle mit europäischen Wertpapierrenditen vereinbar?
