We examine the prevalence of data, specification, and parameter uncertainty in the formation of simple rules which mimic monetary policy-making decisions. Our approach is to build real-time datasets, simulate a real-time policy-setting environment, and provide a set of prescriptions and...

In this paper we examine the prevalence of data, specification, and parameter uncertainty in the formation of simple rules that mimic monetary policymaking decisions. Our approach is to build real-time data sets and simulate a real-time policy-setting environment in which we assume that policy...