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Monetary Policy in an Uncertain World: Probability Models and the Design of Robust Monetary Rules

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  • Paul Levine

Abstract

The past forty years or so has seen a remarkable transformation in macro-models used by central banks, policymakers and forecasting bodies.This papers describes this trans formation from reduced-form behavioural equations estimated separately, through to contemporary micro-founded dynamic stochastic general equilibrium (DSGE) models estimated by systems methods.

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Bibliographic Info

Paper provided by eSocialSciences in its series Working Papers with number id:2761.

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Date of creation: Aug 2010
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Handle: RePEc:ess:wpaper:id:2761

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Keywords: structureduncertainty; DSGEmodels; robustness; Bayesian estimation; interest-raterules;

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References

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