Econometric Inflation Targeting

Gunnar Bårdsen, Eilev Jansen and Ragnar Nymoen ()

Working Paper Series from Department of Economics, Norwegian University of Science and Technology

Abstract: Inflation targeting requires inflation forecasts, yet most models in the literature are either theoretical or calibrated. The motivation for this paper is therefore threefold: We seek to test and implement an econometric model forforecasting inflation in Norway–one economy recently opting for formal inflation targeting rather than a managed nominal exchange rate. We also seek to quantify the relative importance of the di?erent transmission mechanisms– with basis in empirical estimates rather than calibrated values. Finally, we want to focus on and exploit econometric issues required in the design and estimation of econometric models used for inflation forecasting and policy analysis.

Keywords: inflation targeting; monetary policy; wages and prices; cointegration; dynamic modelling (search for similar items in EconPapers)
JEL-codes: C3 C5 E3 E5 J3 (search for similar items in EconPapers)
Pages: 52 pages
Date: 1999-04-13, Revised 2001-10-30
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http://www.svt.ntnu.no/iso/WP/2002/5inftarg.pdf (application/pdf)

Related works:
Journal Article: Econometric inflation targeting (2003)
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Persistent link: https://EconPapers.repec.org/RePEc:nst:samfok:0502

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