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Extending the New Keynesian Monetary Model with Information Revision Processes: Real-time and Revised Data

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dc.contributor.authorMaría-Dolores Pedrero, Ramón
dc.contributor.authorVázquez, Jesús
dc.contributor.authorLondoño, Juan M.
dc.contributor.departmentFundamentos del Análisis Económico
dc.date.accessioned2009-06-23T09:40:50Z
dc.date.available2009-06-23T09:40:50Z
dc.date.created2009-06
dc.date.issued2009-06-23T09:40:50Z
dc.description.abstractThis paper proposes an extended version of the New Keynesian Monetary (NKM) model which contemplates revision processes of output and inflation data in order to assess the influence of data revisions on the estimated monetary policy rule parameters. In line with the evidence provided by Aruoba (2008), by using the indirect inference principle, we observe that real-time data are not rational forecasts of revised data. This result along with the differences observed when estimating a model restricted to white noise revision processes provide evidence that policymakers decisions could be determined by the availability of data at the time of policy implementation.en_EN
dc.formatapplication/pdfes
dc.format.extent22en_EN
dc.identifier.urihttp://hdl.handle.net/10201/4695
dc.languageengen_EN
dc.relation.ispartofProyecto de investigación:en_EN
dc.relation.ispartofseriesWPUMUFAEen_EN
dc.relation.ispartofseries2009.04en_EN
dc.rightsinfo:eu-repo/semantics/openAccesses
dc.subjectNKM modelen_EN
dc.subjectMonetary policy ruleen_EN
dc.subjectIndirect inferenceen_EN
dc.subjectReal-time dataen_EN
dc.subjectRational forecast errorsen_EN
dc.subject.otherCDU::3 - Ciencias sociales::33 - Economía::338 - Situación económica. Política económica. Gestión, control y planificación de la economía. Producción. Servicios. Turismo. Preciosen_EN
dc.titleExtending the New Keynesian Monetary Model with Information Revision Processes: Real-time and Revised Dataen_EN
dc.typeinfo:eu-repo/semantics/articleen_EN
dspace.entity.typePublicationes
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