Monetary Policy in an Uncertain Environment /
Feldstein, Martin.
Monetary Policy in an Uncertain Environment / Martin Feldstein. - Cambridge, Mass. National Bureau of Economic Research 2003. - 1 online resource: illustrations (black and white); - NBER working paper series no. w9969 . - Working Paper Series (National Bureau of Economic Research) no. w9969. .
September 2003.
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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Mode of access: World Wide Web.
Monetary Policy in an Uncertain Environment / Martin Feldstein. - Cambridge, Mass. National Bureau of Economic Research 2003. - 1 online resource: illustrations (black and white); - NBER working paper series no. w9969 . - Working Paper Series (National Bureau of Economic Research) no. w9969. .
September 2003.
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.
System requirements: Adobe [Acrobat] Reader required for PDF files.
Mode of access: World Wide Web.