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Changes in GDP's measurement error volatility and response of the monetary policy rate : two approaches

Julián Andrés
Parra-Polanía
Carmiña Ofelia
Vargas-Riaño
Sábado, 1 Marzo 2014

Using a stylized model in which output is measured with error, we derive the optimal policy response to the demand shock signal and to changes in the measurement error volatility from two different perspectives: the minimization of the expected loss (from