For policymakers, thinking about best practice monetary policy means thinking about uncertainty. Open economy monetary … policymakers face an additional source of uncertainty – exchange rate dynamics. This paper identifies policy rules robust to the … open economy inflation targeters face in practice. For Knight (1921), uncertainty differs from risk because the policymaker …

. Fault tolerance explores straight-forward calculations that illustrate how minimax and Bayesian design rules slant standard …

rules optimized under a minimax objective in the presence of general parameter and shock uncertainty do not imply extreme …

rules optimized under a minimax objective in the presence of general parameter and shock uncertainty do not imply extreme …

rules optimized under a minimax objective in the presence of general parameter and shock uncertainty do not imply extreme …

influence of model uncertainty on optimal in- terest rates under di¤erent degrees of rational forward-looking behavior, using … recently developed robust control techniques. Impulse response functions illustrate that uncertainty seems to be a rationale … questions the gains from commitment under uncertainty. …

rules optimized under a minimax objective in the presence of general parameter and shock uncertainty do not imply extreme …