Some Further Evidence on Interest-Rate Smoothing: The Role of Measurement Errors in the Output Gap

Riksbank Research Paper No. 17

Sveriges Riksbank Working Paper No. 178

17 Pages Posted: 19 Oct 2006

See all articles by Mikael Apel

Mikael Apel

Sveriges Riksbank - Monetary Policy Department

Per Jansson

Ministry of Finance (Sweden)

Date Written: October 19, 2006

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 Classification: E43, E44, E52

Suggested Citation

Apel, Mikael and Jansson, Per, Some Further Evidence on Interest-Rate Smoothing: The Role of Measurement Errors in the Output Gap (October 19, 2006). Riksbank Research Paper No. 17, Sveriges Riksbank Working Paper No. 178, Available at SSRN: https://ssrn.com/abstract=938697 or http://dx.doi.org/10.2139/ssrn.938697

Mikael Apel (Contact Author)

Sveriges Riksbank - Monetary Policy Department ( email )

S-103 37 Stockholm
Sweden

Per Jansson

Ministry of Finance (Sweden) ( email )

Drottningatan 21
Stockholm 10333, 103 33
Sweden

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