Scandinavian Working Papers in Economics

Working Paper Series,
Sveriges Riksbank (Central Bank of Sweden)

No 178: Some Further Evidence on Interest-Rate Smoothing: The Role of Measurement Errors in the Output Gap

Mikael Apel () and Per Jansson ()
Additional contact information
Mikael Apel: Monetary Policy Department, Central Bank of Sweden, Postal: Sveriges Riksbank, SE-103 37 Stockholm, Sweden
Per Jansson: Monetary Policy Department, Central Bank of Sweden, Postal: Sveriges Riksbank, SE-103 37 Stockholm, Sweden

Abstract: It has been suggested that interest-rate smoothing may be partly explained by an omitted variable that relates to conditions in financial markets. We propose an alternative interpretation that suggests that it relates to measurement errors in the output gap.

Keywords: Interest-rate smoothing; Measurement errors; Output gap

JEL-codes: E43; E44; E52

17 pages, March 1, 2005

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