Some Further Evidence on Interest-Rate Smoothing: The Role of Measurement Errors in the Output Gap

Mikael Apel and Per Jansson

No 178, Working Paper Series from Sveriges Riksbank (Central Bank of Sweden)

Abstract: It has been suggested that interest-rate smoothing may be partly explained by an omitted variable that relates to conditions in financial markets. We propose an alternative interpretation that suggests that it relates to measurement errors in the output gap.

Keywords: Interest-rate smoothing; Measurement errors; Output gap (search for similar items in EconPapers)
JEL-codes: E43 E44 E52 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ets, nep-mac and nep-mon
Date: 2005-03-01
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Persistent link: http://EconPapers.repec.org/RePEc:hhs:rbnkwp:0178

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