Kuester, Keith; Wieland, Volker - In: Journal of the European Economic Association 8 (2010) 4, pp. 872-912
In this paper, we aim to design a monetary policy for the euro area that is robust to the high degree of model uncertainty at the start of monetary union and allows for learning about model probabilities. To this end, we compare and ultimately combine Bayesian and worst-case analysis using four...
