The information content of the Reserve Bank of Australia's inflation forecasts

被引:0
作者
Tawadros, George B. [1 ]
机构
[1] RMIT Univ, Sch Econ Finance & Mkt, Melbourne, Vic 3001, Australia
关键词
inflation; asymmetric information hypothesis; encompassing tests; forecasting; MONETARY-POLICY; RATIONAL EXPECTATIONS; TRANSPARENCY; CREDIBILITY; COMMITMENT; DISCRETION;
D O I
10.1080/00036846.2011.608646
中图分类号
F [经济];
学科分类号
02 ;
摘要
In this article, the inflation forecasts produced by the Reserve Bank of Australia (RBA) and that generated by private forecasters, are used to assess whether the Reserve Bank possesses information about inflation that the private sector does not have. The results show that the Reserve Bank inflation forecasts embody useful predictive information about inflation, beyond that contained in private forecasts, over the recent inflation targeting period.
引用
收藏
页码:623 / 628
页数:6
相关论文
共 31 条
[1]   CENTRAL BANK INDEPENDENCE AND MACROECONOMIC PERFORMANCE - SOME COMPARATIVE EVIDENCE [J].
ALESINA, A ;
SUMMERS, LH .
JOURNAL OF MONEY CREDIT AND BANKING, 1993, 25 (02) :151-162
[2]  
[Anonymous], 1986, FORECASTING EC TIME, DOI DOI 10.1016/B978-0-12-295183-1.50007-8
[3]  
Atkeson Andrew., 2001, Quarterly Review-Federal Reserve Bank of Minneapolis, V25, P2
[4]   Factors influencing Federal Reserve forecasts of inflation [J].
Baghestani, Hamid ;
AbuAl-Foul, Bassam .
JOURNAL OF ECONOMIC STUDIES, 2010, 37 (02) :196-+
[6]   Federal Reserve vs. consumer forecasts of inflation: 1979-1983 [J].
Baghestani, Hamid ;
Soliman, Mohamed .
APPLIED ECONOMICS LETTERS, 2009, 16 (15) :1565-1568
[7]   A POSITIVE THEORY OF MONETARY-POLICY IN A NATURAL RATE MODEL [J].
BARRO, RJ ;
GORDON, DB .
JOURNAL OF POLITICAL ECONOMY, 1983, 91 (04) :589-610
[8]   RATIONAL EXPECTATIONS AND ROLE OF MONETARY-POLICY [J].
BARRO, RJ .
JOURNAL OF MONETARY ECONOMICS, 1976, 2 (01) :1-32
[9]   RULES, DISCRETION AND REPUTATION IN A MODEL OF MONETARY-POLICY [J].
BARRO, RJ ;
GORDON, DB .
JOURNAL OF MONETARY ECONOMICS, 1983, 12 (01) :101-121
[10]  
CANZONERI MB, 1985, AM ECON REV, V75, P1056