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Robust monetary policy in a model with financial distress

✍ Scribed by Rafael Gerke; Felix Hammermann; Vivien Lewis

Book ID: 113722658
Publisher: Elsevier Science
Year: 2012
Tongue: English
Weight: 472 KB
Volume: 34
Category: Article
ISSN: 0164-0704
DOI: 10.1016/j.jmacro.2012.01.006

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## 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