Welfare-maximizing monetary policy under
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Rochelle M. Edge; Thomas Laubach; John C. Williams
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Article
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2010
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John Wiley and Sons
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English
β 147 KB
## Abstract This paper examines welfareβmaximizing monetary policy in an estimated microβfounded general equilibrium model of the US economy where the policymaker faces uncertainty about model parameters. Uncertainty about parameters describing preferences and technology implies uncertainty about t