期刊名称：Discussion Paper Series / Universität Heidelberg, Department of Economics
出版年度：2014
出版社：Universität Heidelberg, Department of Economics
摘要：We examine how the interaction between monetary policy and macroeconomic con- ditions a.ects in.ation uncertainty in the long-term. The unobservable in.ation un- certainty is quantified by means of the slowly evolving long-term variance component of in.ation in the framework of the Spline-GARCH model (Engle and Rangel, 2008). For a cross-section of 13 developed economies, we find that long-term in.ation un- certainty is high if central bank governors are perceived as less in.ation-averse and if the conduct of monetary policy is ad-hoc rather than rule-based
关键词：In.ation uncertainty; Central banking; Spline-GARCH
