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A Bayesian approach to optimal monetary policy with parameter and model uncertainty

✍ Scribed by Timothy Cogley; Bianca De Paoli; Christian Matthes; Kalin Nikolov; Tony Yates

Book ID
113700425
Publisher
Elsevier Science
Year
2011
Tongue
English
Weight
316 KB
Volume
35
Category
Article
ISSN
0165-1889

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πŸ“œ SIMILAR VOLUMES

Robust optimal monetary policy in a forw
Robust optimal monetary policy in a forward-looking model with parameter and shock uncertainty
✍ Marc P. Giannoni πŸ“‚ Article πŸ“… 2007 πŸ› John Wiley and Sons 🌐 English βš– 315 KB

## Abstract This paper characterizes a robust optimal policy rule in a simple forward‐looking model, when the policymaker faces uncertainty about model parameters and shock processes. We show that the robust optimal policy rule is likely to involve a stronger response of the interest rate to fluctu