Swiss GDP revisions: A monetary policy perspective
This paper focuses on Swiss GDP revisions and the uncertainty they generate from the point of view of monetary policy. After a description of the revisions features, we use GDP vintages to compute real-time output gaps using a production function approach. Then, with a nominal feedback rule, we asse...
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| Other Authors: | , |
| Format: | Electronic Book Chapter |
| Language: | English |
| Published: |
Paris
OECD Publishing
2009
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| Subjects: | |
| Online Access: | DE-384 DE-473 DE-824 DE-29 DE-739 DE-355 DE-20 DE-1028 DE-1049 DE-521 DE-861 DE-898 DE-92 DE-91 DE-573 DE-19 Volltext |
| Summary: | This paper focuses on Swiss GDP revisions and the uncertainty they generate from the point of view of monetary policy. After a description of the revisions features, we use GDP vintages to compute real-time output gaps using a production function approach. Then, with a nominal feedback rule, we assess the impact of GDP - and hence output gap - on revisions monetary policy. The main results are threefold. First, Swiss GDP revisions - similarly to those of other small economies - are large, and estimates converge slowly to their final value. Second, GDP mismeasurements clearly exacerbate the difficulty in estimating output gaps. Third, the impact of revisions on monetary policy varies over time. Via its effect on output gaps, ceteris paribus, the inaccuracy of GDP estimates risks introducing a procyclical bias in monetary policy decisions |
| Physical Description: | 1 Online-Ressource (31 Seiten) 19 x 27cm |
| DOI: | 10.1787/jbcma-v2008-art10-en |
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| spelling | Cuche-Curti, Nicolas Verfasser aut Swiss GDP revisions A monetary policy perspective Nicolas Cuche-Curti, Pamela Hall and Attilio Zanetti Paris OECD Publishing 2009 1 Online-Ressource (31 Seiten) 19 x 27cm txt rdacontent c rdamedia cr rdacarrier This paper focuses on Swiss GDP revisions and the uncertainty they generate from the point of view of monetary policy. After a description of the revisions features, we use GDP vintages to compute real-time output gaps using a production function approach. Then, with a nominal feedback rule, we assess the impact of GDP - and hence output gap - on revisions monetary policy. The main results are threefold. First, Swiss GDP revisions - similarly to those of other small economies - are large, and estimates converge slowly to their final value. Second, GDP mismeasurements clearly exacerbate the difficulty in estimating output gaps. Third, the impact of revisions on monetary policy varies over time. Via its effect on output gaps, ceteris paribus, the inaccuracy of GDP estimates risks introducing a procyclical bias in monetary policy decisions Economics Hall, Pamela ctb Zanetti, Attilio ctb https://doi.org/10.1787/jbcma-v2008-art10-en Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Cuche-Curti, Nicolas Swiss GDP revisions A monetary policy perspective Economics |
| title | Swiss GDP revisions A monetary policy perspective |
| title_auth | Swiss GDP revisions A monetary policy perspective |
| title_exact_search | Swiss GDP revisions A monetary policy perspective |
| title_exact_search_txtP | Swiss GDP revisions A monetary policy perspective |
| title_full | Swiss GDP revisions A monetary policy perspective Nicolas Cuche-Curti, Pamela Hall and Attilio Zanetti |
| title_fullStr | Swiss GDP revisions A monetary policy perspective Nicolas Cuche-Curti, Pamela Hall and Attilio Zanetti |
| title_full_unstemmed | Swiss GDP revisions A monetary policy perspective Nicolas Cuche-Curti, Pamela Hall and Attilio Zanetti |
| title_short | Swiss GDP revisions |
| title_sort | swiss gdp revisions a monetary policy perspective |
| title_sub | A monetary policy perspective |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/jbcma-v2008-art10-en |
| work_keys_str_mv | AT cuchecurtinicolas swissgdprevisionsamonetarypolicyperspective AT hallpamela swissgdprevisionsamonetarypolicyperspective AT zanettiattilio swissgdprevisionsamonetarypolicyperspective |