The enlargement of the European Monetary Union is likely to lead to an increase in uncertainty regarding the … both types of uncertainty on wage-setting behavior in the larger monetary union and its effects on unemployment. In light …

environment. This paper proposes, from a central banker's point of view, a synthesis of the main sources of uncertainty as well as … uncertainty and the choice of the selected loss function, the recommendations for monetary policy can be noticeably different …

risk, potential asymmetries in policy objectives, the ability to learn from policy actions, and private sector uncertainty …We argue that the uncertainty over the impact of macroprudential policy need not make a policymaker more cautious. Our … starting point is the classic result of Brainard (1967) which finds that uncertainty over the impact of a policy instrument …

-known success-probability criterion adapted to settings characterized by model uncertainty. We apply this decision criterion to … takes explicit account of model uncertainty. To this end, the value function we propose is an analogue of the well …