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Probabilistic Interest Rate Setting with a Shadow Board: A Description of the Pilot ProjectTimo HenckelAustralian National University (Centre for Applied Macroeconomic Analysis) Shaun P. VaheyAustralian National University (ANU) - Centre for Applied Macroeconomic Analysis (CAMA) Liz WakerlyAustralian National University (ANU) - Centre for Applied Macroeconomic Analysis (CAMA) August 1, 2011 Centre for Applied Macroeconomics (CAMA) Working Paper No. 27/2011 Abstract: This study aims to assess the scope for monetary policymakers to aggregate probabilistic interest rate advice. The members of a Shadow Board give probabilistic assessments of the appropriate (target) interest rate for Australia in real time. The pilot project will be running in August, September and October 2011, with the Shadow Board giving advice shortly before each decision by the Reserve Bank of Australia (RBA) Board.
Number of Pages in PDF File: 12 working papers seriesDate posted: August 9, 2011Suggested CitationContact Information
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