Probabilistic interest rate setting with a shadow board: A description of the pilot project

Timo Henckel (), Shaun Vahey and Elizabeth Wakerly

CAMA Working Papers from Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University

Abstract: This study aims to assess the scope for monetary policymakers to aggregate probabilistic interest rate advice. The members of a Shadow Board give probabilistic assessments of the appropriate (target) interest rate for Australia in real time. The pilot project will be running each month from August to December (inclusive) 2011, with the Shadow Board giving advice shortly before each decision by the Reserve Bank of Australia (RBA) Board.

Pages: 16 pages
Date: 2011-08
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Persistent link: https://EconPapers.repec.org/RePEc:een:camaaa:2011-27

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