Monetary policy inertia reconsidered: Evidence from endogenous interest rate trajectory |
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| Authors: | Ji&#x í Podpiera |
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| Affiliation: | aExternal Economic Relations Division, Czech National Bank, Na Příkopě 28, 115 03, Prague 1, Czech Republic |
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| Abstract: | By finding small forecastable variability of future policy rates by highly smoothed central bank's endogenous interest rate trajectory, I suggest that market's failure to predict large portion of variability in future rates does not always imply limited policy inertia. |
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| Keywords: | Policy rule smoothing Endogenous interest rate trajectory Monetary policy |
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