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Monetary Policy in an Uncertain Environment

  • Martin Feldstein

This 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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File URL: http://www.nber.org/papers/w9969.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 9969.

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Date of creation: Sep 2003
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Publication status: published as Martin Feldstein, 2003. "Monetary policy in an uncertain environment," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 373-382.
Handle: RePEc:nbr:nberwo:9969
Note: ME
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  1. Malcolm D. Knight & Chair, 2003. "Implications of a changing economic structure for the strategy of monetary policy," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 361-371.
  2. 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.
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