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Monetary Policy In A World of Uncertainty

Author

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  • Otmar Issing

Abstract

Dealing with uncertainty is the daily bread of central bankers and has been a central theme for the ECB since its inception. Central banks like other economic operators are continuously confronted with conflicting data as well as competing and evolving interpretations of the working of the economy. In an ever-changing economic environment central banks cannot afford to commit to a mechanical "rule for action" but only set out a "framework for analysis" guiding monetary policy in the pursuit of its mandate.

Suggested Citation

  • Otmar Issing, 2002. "Monetary Policy In A World of Uncertainty," Economie Internationale, CEPII research center, issue 92, pages 165-179.
    • Handle: RePEc:cii:cepiei:2002-4qf
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    File URL: http://www.cepii.fr/IE/rev92/rev92f.htm
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    Citations

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    Cited by:

    1. Arnab Bhattacharjee & Sean Holly, 2013. "Understanding Interactions in Social Networks and Committees," Spatial Economic Analysis, Taylor & Francis Journals, vol. 8(1), pages 23-53, March.
    2. Arnab Bhattacharjee & Sean Holly, 2004. "Inflation Targeting, committee Decision Making and Uncertainty: The case of the Bank of England's MPC," Money Macro and Finance (MMF) Research Group Conference 2004 63, Money Macro and Finance Research Group.
    3. Heinz-Peter Spahn, 2007. "Two-Pillar Monetary Policy and Bootstrap Expectations," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 282/2007, Department of Economics, University of Hohenheim, Germany.
    4. Lijian Sun & Shengxing Zhang, 2008. "External Dependent Economy and Structural Real Estate Bubbles in China," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 16(1), pages 34-50, January.
    5. Gilbert Bougi & Helmi Hamdi, 2007. "La crédibilité de la banque centrale face aux défis de la monnaie électronique," CAE Working Papers 56, Aix-Marseille Université, CERGAM.
    6. Arnab Bhattacharjee & Sean Holly, 2011. "Structural interactions in spatial panels," Empirical Economics, Springer, vol. 40(1), pages 69-94, February.
    7. Richhild Moessner, 2006. "Optimal discretionary policy in rational expectations models with regime switching," Bank of England working papers 299, Bank of England.
    8. Arnab Bhattacharjee & Sean Holly, 2006. "Taking Personalities out of Monetary Policy Decision Making? Interactions, Heterogeneity and Committee Decisions in the Bank of England’s MPC," CDMA Working Paper Series 200612, Centre for Dynamic Macroeconomic Analysis.
    9. Piotr Ciżkowicz & Andrzej Rzońca, 2015. "Inflation Targeting and its Discontents: The Case of Poland," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 65(supplemen), pages 107-122, December.
    10. Otmar Issing, 2004. "Geldpolitik für den Euroraum," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 5(4), pages 381-404, November.
    11. Shijaku, Gerti, 2016. "The role of money as an important pillar for monetary policy: the case of Albania," MPRA Paper 79088, University Library of Munich, Germany.
    12. Dieter Gerdesmeier & Francesco Paolo Mongelli & Barbara Roffia, 2007. "The Eurosystem, the U.S. Federal Reserve, and the Bank of Japan: Similarities and Differences," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(7), pages 1785-1819, October.
    13. Katerina Smidkova, 2003. "Methods Available to Monetary Policy Makers to Deal with Uncertainty," Macroeconomics 0310002, University Library of Munich, Germany.
    14. Virginie Traclet, 2004. "Monetary and Fiscal Policies in Canada: Some Interesting Principles for EMU?," Staff Working Papers 04-28, Bank of Canada.
    15. Arnab Bhattacharjee & Sean Holly, 2011. "Structural interactions in spatial panels," Empirical Economics, Springer, vol. 40(1), pages 69-94, February.
    16. André P. Calmon & Thomas Vallée & João B. R. Do Val, 2009. "Monetary policy as a source of uncertainty," Working Papers hal-00422454, HAL.
    17. Rostagno, Massimo & Altavilla, Carlo & Carboni, Giacomo & Lemke, Wolfgang & Motto, Roberto & Saint Guilhem, Arthur & Yiangou, Jonathan, 2019. "A tale of two decades: the ECB’s monetary policy at 20," Working Paper Series 2346, European Central Bank.
    18. Jan Willem Van den End & Yakov Ben-Haim, 2021. "Robust Policy in Times of Pandemic," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 56(2), pages 108-112, March.
    19. Ramzi Drissi, 2014. "Robust Monetary Policy in An Uncertain Economic Environment: Evidence from Tunisian Economy," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 4(7), pages 969-986, July.
    20. Ansgar Belke, 2009. "Fiscal Stimulus Packages and Uncertainty in Times of Crisis. Economic Policy for Open Economies," Economic Analysis and Policy, Elsevier, vol. 39(1), pages 25-46, March.

    More about this item

    Keywords

    Uncertainty; Economic Conditions; Expectations; Monetary Aggregates; Financial markets;
    All these keywords.

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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