Implications of a Changing Economic Structure for the Strategy of Monetary Policy
نویسندگان
چکیده
This paper surveys the implications of uncertainty for the design of monetary policy. Among the topics discussed are the impact of imperfect or noisy information on the performance of simple rules, the performance of rules that are robust to the exogenous disturbance processes, the effects of parameter uncertainty, and the implications of robust control. The analysis is conducted using a new Keynesian framework. One finding is that difference rules seem to perform well in the presence of imperfect information about the output gap.
منابع مشابه
Commentary: Implications of a Changing Economic Structure for the Strategy of Monetary Policy
Carl Walsh has given us an excellent overview of the recent literature on the implications of uncertainty and changing economic structure for the strategy of monetary policy, as well as adding some new results of his own. I propose to deal with the three of the subjects that he covers, from the perspective of what I find useful as a policymaker. The subjects are: imperfect or noisy information,...
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