A guide to nominal feedback rules and their use for monetary policy

Michael Dueker and Andreas Fischer ()

Review, 1998, issue Jul, No v. 80 no. 4, 55-63

Abstract: If price stability is to be sustained, monetary policy actions will inevitably resemble - in the long run - the prescriptions from nominal feedback rules, which are designed to achieve price stability. This property means that monetary policy might be well described by a nominal feedback rule in a low-inflation country such as Switzerland. In this article, Michael J. Dueker an Andreas M. Fischer provide a general description of nominal feedback rules and use one rule - with time-varying parameters - to model Swiss monetary policy actions. The authors explain how this indicator model can presage a buildup of inflationary pressures before they become obvious through other traditional policy indicators.

Keywords: Switzerland; Monetary policy (search for similar items in EconPapers)
Date: 1998
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Citations: View citations in EconPapers (13)

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