title: Cross-sectional evidence on the relation between monetary policy, macroeconomic conditions and low-frequency inflation uncertainty
creator: Conrad, Christian
creator: Hartmann, Matthias
subject: ddc-330
subject: 330 Economics
description: We examine how the interaction between monetary policy and macroeconomic conditions affects inflation uncertainty in the long-term. The unobservable inflation uncertainty is quantified by means of the slowly evolving long-term variance component of inflation 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 inflation uncertainty is high if central bank governors are perceived as less inflation-averse and if the conduct of monetary policy is ad-hoc rather than rule-based.
date: 2014-10
type: Working paper
type: info:eu-repo/semantics/workingPaper
type: NonPeerReviewed
format: application/pdf
identifier: https://archiv.ub.uni-heidelberg.de/volltextserverhttps://archiv.ub.uni-heidelberg.de/volltextserver/17534/1/Conrad_Hartmann_2014_dp574.pdf
identifier: DOI:10.11588/heidok.00017534
identifier: urn:nbn:de:bsz:16-heidok-175344
identifier:   Conrad, Christian ; Hartmann, Matthias  (2014) Cross-sectional evidence on the relation between monetary policy, macroeconomic conditions and low-frequency inflation uncertainty.  [Working paper]     
relation: https://archiv.ub.uni-heidelberg.de/volltextserver/17534/
rights: info:eu-repo/semantics/openAccess
rights: http://archiv.ub.uni-heidelberg.de/volltextserver/help/license_urhg.html
language: eng