This paper considers the joint problem of model estimation and implementation of monetary policy in the face of uncertainty regarding the process of structural change in the economy. We model unobserved structural change through time variation in the natural rates of interest and unemployment....

Its purpose is to encourage research on monetary policy issues that are relevant from a global perspective. It regularly organizes conferences that are held alternately in the euro area and the United States. The organizers of the 2003 conference are Ignazio Angeloni (ECB), Matthew Canzoneri...