Download full text
(534.3Kb)
Citation Suggestion
Please use the following Persistent Identifier (PID) to cite this document:
https://nbn-resolving.org/urn:nbn:de:0168-ssoar-242722
Exports for your reference manager
The forecasting power of real interest rate gaps: an assessment for the Euro Area
[journal article]
Abstract The real interest rate gap or IRG -the gap between the short term real interest rate and its “natural” level-, is a theoretical concept that has attracted much attention in central banks in recent years. This paper aims at clarifying its practical relevance for monetary policy in real time. For this... view more
The real interest rate gap or IRG -the gap between the short term real interest rate and its “natural” level-, is a theoretical concept that has attracted much attention in central banks in recent years. This paper aims at clarifying its practical relevance for monetary policy in real time. For this purpose, it provides an empirical assessment of the usefulness of a semi-structural versus purely statistical estimates of the real IRG for predicting policy relevant macroeconomic variables in the euro area. However mixed, the results confirm that semi-structural estimates of the real IRG deserve being added to the central banks’ toolbox.... view less
Classification
Economic Policy
Document language
English
Publication Year
2009
Page/Pages
p. 153-172
Journal
Applied Economics, 43 (2009) 2
DOI
https://doi.org/10.1080/00036840802481868
ISSN
1466-4283
Status
Postprint; peer reviewed
Licence
PEER Licence Agreement (applicable only to documents from PEER project)