In this paper we address the issue of how parameter uncertainty affects the optimal degree of central bank conservatism. The analysis is conducted in the standard macroeconomic model of a monetary policy game embedding an expectational Phillips-curve. Multiplicative "Brainard" uncertainty is...

This paper tries to draw some lessons of the experience of ten years of EMU for the theory of Optimum Currency Areas. It examines whether, in the light of EMU, the OCA theory may be considered as a relevant framework for assessing the functioning of a monetary union as well as the costs and...

This paper investigates the performances of an inflation targeting regime in a learning economy framed as an Agent-Based Model (ABM). We keep our ABM as close as possible to the original New Keynesian (NK) model, but we model the individual behaviour of the agents under procedural rationality à...

Comment fixer les cours de change ? Annonces et correspondances maastrichtiennes, by Jean-Sébastien Pentecote and Marc-Alexandre SenegasThis analysis questions the distinction between two exchange rate fixing rules : a « time-dependent" rule under which the exchange rate is fixed at an...

[fre] Cette contribution se présente comme un bilan des travaux récents consacrés à la gestion de l’incertitude par la politique monétaire et aux critères permettant d’appréhender cette question sur le plan empirique. L’accent est mis sur l’incertitude qui entoure le mécanisme de...

This article questions the rather pessimistic conclusions of Allen et Carroll (2001) about the ability of consumer to learn the optimal buffer-stock based consumption rule. To this aim, we develop an agent based model where alternative learning schemes can be compared in terms of the consumption...