Open AccessSome Further Evidence on Interest-Rate Smoothing: The Role of Measurement Errors in the Output Gap
Author(s) -
Mikael Apel,
Per Jansson
Publication year - 2006
Publication title -
ssrn electronic journal
Language(s) - English
Resource type - Journals
ISSN - 1556-5068
DOI - 10.2139/ssrn.938697
Subject(s) - smoothing , output gap , econometrics , economics , interest rate , statistics , mathematics , monetary economics
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.
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