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Monetary Policy In A World of Uncertainty

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  • Otmar Issing
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    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.

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    File URL: http://www.cepii.fr/IE/rev92/rev92f.htm
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    Bibliographic Info

    Article provided by CEPII research center in its journal Economie Internationale.

    Volume (Year): (2002)
    Issue (Month): 92 ()
    Pages: 165-179

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    Handle: RePEc:cii:cepiei:2002-4qf

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    Related research

    Keywords: Uncertainty; Economic Conditions; Expectations; Monetary Aggregates; Financial markets;

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    Cited by:
    1. Bhattacharjee, A. & Holly, S., 2005. "Inflation Targeting, Committee Decision Making and Uncertainty: The case of the Bank of England’s MPC," Cambridge Working Papers in Economics 0530, Faculty of Economics, University of Cambridge.
    2. Richhild Moessner, 2006. "Optimal discretionary policy in rational expectations models with regime switching," Bank of England working papers 299, Bank of England.
    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. André P. Calmon & Thomas Vallée & João B. R. Do Val, 2009. "Monetary policy as a source of uncertainty," Working Papers hal-00422454, HAL.
    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, 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.
    7. Arnab Bhattacharjee & Sean Holly, 2005. "Inflation Targeting, Committee Decision Making and Uncertainty: The Case of the Bank of England’s MPC," CDMA Working Paper Series 200503, Centre for Dynamic Macroeconomic Analysis.
    8. Katerina Smidkova, 2003. "Methods Available to Monetary Policy Makers to Deal with Uncertainty," Macroeconomics 0310002, EconWPA.

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