A Practical Model-Based Approach to Monetary Policy Analysis--Overview

Philippe D Karam, Douglas Laxton and Andrew Gouinlock Berg ()

No 06/80, IMF Working Papers from International Monetary Fund

Abstract: This paper motivates and describes an approach to forecasting and monetary policy analysis based on the use of a simple structural macroeconomic model, along the lines of those in use in a number of central banks. It contrasts this approach with financial programming and its emphasis on monetary aggregates, as well as with more econometrically driven analyses. It presents illustrative results from an application to Canada. A companion paper provides a more detailed how-to guide and introduces a set of tools designed to facilitate this approach.

Keywords: Monetary policy; Canada; United States; Monetary aggregates; Forecasting models; Economic models (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-for, nep-mac and nep-mon
Date: 2006-04-10
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