«Christina Gerberding (Deutsche Bundesbank) Franz Seitz (University of Applied Sciences Amberg-Weiden) Discussion Paper Series 1: Economic Studies No ...»
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Woodford, M. (2006), How important is money in the conduct of monetary policy?, Paper presented at the Fourth ECB Central Banking Conference on “The Role of Money, Money and Monetary Policy in the Twenty-First Century”, November 9Figure 1: Initial and ex post estimates of the output gap, Germany 1974-1998*
1) The measurement errors are defined as the differences between the ex post figures (March 1999 vintages) and the initial figures.
* The calculation is based on Bundesbank estimates of potential output.
Table 1: Statistics on historical errors in the measurement of key macro variables
Figure 4: Measurement error in the output gap when the ex post series is based on the September 2005 series of GDP data*
*With the revised series calculated by detrending the September 2005 vintage of GDP data with an HPfilter.
Table 2: Alternative estimates for the degree of output gap uncertainty
Figure 5: Optimised coefficients for different forms and degrees of output gap uncertainty – Taylor rule Figure 5: Optimised coefficients for different forms and degrees of output gap uncertainty – speed limit policy Figure 6: Comparing the central bank losses under different forms and degrees of output gap uncertainty Figure 7: Efficiency frontiers Figure 8: Comparing the central bank losses under different parameters
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Visiting researcher at the Deutsche Bundesbank The Deutsche Bundesbank in Frankfurt is looking for a visiting researcher. Among others under certain conditions visiting researchers have access to a wide range of data in the Bundesbank. They include micro data on firms and banks not available in the public.
Visitors should prepare a research project during their stay at the Bundesbank. Candidates must hold a Ph D and be engaged in the field of either macroeconomics and monetary economics, financial markets or international economics. Proposed research projects should be from these fields. The visiting term will be from 3 to 6 months. Salary is commensurate with experience.
Applicants are requested to send a CV, copies of recent papers, letters of reference and a
proposal for a research project to:
Deutsche Bundesbank Personalabteilung Wilhelm-Epstein-Str. 14 60431 Frankfurt GERMANY