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Recent interest in "Risk Management"has highlighted the relevance of Bayesian analysis for robust monetary-policy making. This paper sets out a comprehensive methodology for designing policy rules inspired by such considerations. We design rules that are robust with respect to model uncertainty...
Persistent link: https://www.econbiz.de/10003747990
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.S. economy: backward-looking models require relatively more aggressive policies with at most moderate inertia; rules that are …
Persistent link: https://www.econbiz.de/10003001830
Persistent link: https://www.econbiz.de/10003065813
Recent interest in 'Risk Management' has highlighted the relevance of Bayesian analysis for robust monetary-policy making. This paper sets out a comprehensive methodology for designing policy rules inspired by such considerations. We design rules that are robust with respect to model uncertainty...
Persistent link: https://www.econbiz.de/10013316594
.S. economy: backward-looking models require relatively more aggressive policies with at most moderate inertia; rules that are …
Persistent link: https://www.econbiz.de/10013318602
In this paper, we analyze optimal monetary policy rules in a model of the euro area, namely the ECB's Area Wide Model, which embodies a high degree of intrinsic persistence and a limited role for forward-looking expectations. These features allow us, in large measure, to differentiate our...
Persistent link: https://www.econbiz.de/10013319336
We study the interaction between monetary and fiscal policies in a Ramsey-Sidrauski model augmented with environmental capital. Equilibrium solutions are studied through the "Green Golden Rule". Despite the non-separability of money in utility and intertemporally nonseparable preferences, money...
Persistent link: https://www.econbiz.de/10012594070