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Monetary Policy Rules in an Uncertain Environment

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This article examines recent research on the influence of various forms of economic uncertainty on the performance of different classes of monetary policy rules: from simple rules to fully optimal monetary policy under commitment. The authors explain why uncertainty matters in the design of monetary policy rules and provide quantitative examples from the recent literature. They also present results for several policy rules in ToTEM, the Bank of Canada's main model for projection and analysis, including rules that respond to price level, rather than to inflation.

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  • Gino Cateau & Stephen Murchison, 2010. "Monetary Policy Rules in an Uncertain Environment," Bank of Canada Review, Bank of Canada, vol. 2010(Spring), pages 27-39.
  • Handle: RePEc:bca:bcarev:v:2010:y:2010:i:spring10:p:27-39
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    Cited by:

    1. Kozicki, Sharon, 2012. "Macro has progressed," Journal of Macroeconomics, Elsevier, vol. 34(1), pages 23-28.
    2. Angelo Melino & Michael Parkin, 2010. "Greater Transparency Needed," e-briefs 102, C.D. Howe Institute.

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