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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| Format: | Elektronisch Artikel |
| Sprache: | English |
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Paris
OECD Publishing
2009
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| Online-Zugang: | Volltext |
| Zusammenfassung: | 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. |
| Beschreibung: | 1 Online-Ressource (31 p.) 19 x 27cm. |
| DOI: | 10.1787/jbcma-v2008-art10-en |
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| 520 | |a 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. | ||
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| spelling | Cuche-Curti, Nicolas VerfasserIn aut Swiss GDP revisions A monetary policy perspective Nicolas, Cuche-Curti, Pamela, Hall and Attilio, Zanetti Paris OECD Publishing 2009 1 Online-Ressource (31 p.) 19 x 27cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource 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 MitwirkendeR ctb Zanetti, Attilio MitwirkendeR ctb Enthalten in OECD Journal: Journal of Business Cycle Measurement and Analysis Vol. 2008, no. 2, p. 183-213 volume:2008 year:2008 number:2 pages:183-213 FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/jbcma-v2008-art10-en 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_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 |