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- W2189072919 abstract "Croushore (2011) and others have noted that monetary policy may be sensitive to inconsistencies between real-time data used by policy makers to make decisions and revised data which more accurately measure economic performance. This paper extends the asymmetric preference model suggested by Ruge-Murcia (2003) in order to focus on these inconsistencies which arise because of the long lag between the real-time data release and the revised data release. We focus on two isomorphic monetary policy models: One in which the central banker targets real-time in‡ation and output and the other in which the central banker targets real-time in‡ation and unemployment. Our model identi…es several new potential sources of in‡ation bias due to data revisions in addition to the ones suggested in the literature. The paper also contributes to the real-time data processing literature by describing a method for computing an output revision" @default.
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- W2189072919 date "2013-01-01" @default.
- W2189072919 modified "2023-09-24" @default.
- W2189072919 title "Optimal monetary policy with real-time policy targets" @default.
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