Monetary policy in an uncertain environment
AbstractThis paper discusses the nature of the uncertainty faced by central banks and considers three approaches to dealing with uncertainty(1) formal optimization models and robust rules based on such models; (2) informal rules like the Taylor rule and inflation targeting; and (3) a case by case approach based on an informal Bayesian logic. The latter case requires considering the asymmetric nature of the risks that the central bank often faces.
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Bibliographic InfoArticle provided by Federal Reserve Bank of Kansas City in its journal Proceedings.
Volume (Year): (2003)
Issue (Month): ()
Other versions of this item:
- E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Malcolm D. Knight & Chair, 2003. "Implications of a changing economic structure for the strategy of monetary policy," Proceedings, Federal Reserve Bank of Kansas City, pages 361-371.
- Walsh, Carl E., 2004.
"Implications of a Changing Economic Structure for the Strategy of Monetary Policy,"
Santa Cruz Center for International Economics, Working Paper Series
qt84g1q1g6, Center for International Economics, UC Santa Cruz.
- Carl E. Walsh, 2003. "Implications of a changing economic structure for the strategy of monetary policy," Proceedings, Federal Reserve Bank of Kansas City, pages 297-348.
- Walsh, Carl E., 2004. "Implications of a Changing Economic Structure for the Strategy of Monetary Policy," Santa Cruz Department of Economics, Working Paper Series qt84g1q1g6, Department of Economics, UC Santa Cruz.
- Emiliano Basco & Tomás Castagnino & Sebastián Katz & Sebastián Vargas, 2007. "Monetary Policy Under Uncertainty, Regime Change and High Volatility," BCRA Working Paper Series 200725, Central Bank of Argentina, Economic Research Department.
- Frederick van der Ploeg, 2007. "Prudent Monetary Policy and Cautious Prediction of the Output Gap," Economics Working Papers ECO2007/40, European University Institute.
- Felipe Morandé Lavín & Mauricio Tejada, 2008.
"Sources of Uncertainty for Conducting Monetary Policy in Chile,"
wp285, University of Chile, Department of Economics.
- Felipe Morandé & Mauricio Tejada, 2008. "Sources of Uncertainty for Conducting Monetary Policy in Chile," Working Papers Central Bank of Chile 492, Central Bank of Chile.
- Emiliano Basco & Tomás Castagnino & Sebastián Katz & Sebastián Vargas (ed.), 2007. "Monetary Policy Under Uncertainty, Regime Change and High Volatility," BCRA Paper Series, Central Bank of Argentina, Economic Research Department, number 04.
- van der Ploeg, Frederick, 2009. "Prudent monetary policy and prediction of the output gap," Journal of Macroeconomics, Elsevier, vol. 31(2), pages 217-230, June.
- van der Ploeg, Frederick, 2004. "Prudent Monetary Policy: Applications of Cautious LQG Control and Prediction," CEPR Discussion Papers 4222, C.E.P.R. Discussion Papers.
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