ROBUST MONETARY POLICY IN A NEW KEYNESIAN MODEL WITH IMPERFECT INTEREST RATE PASS-THROUGH
نویسندگان
چکیده
منابع مشابه
Robust monetary policy in a New Keynesian mode lwith imperfect interest rate pass-through
We use robust control to study how a central bank in an economy with imperfect interest rate pass-through conducts monetary policy if it fears that its model could be misspecified. The effects of the central bank’s concern for robustness can be summarised as follows. First, depending on the shock, robust optimal monetary policy under commitment responds either more cautiously or more aggressive...
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ژورنال
عنوان ژورنال: Macroeconomic Dynamics
سال: 2015
ISSN: 1365-1005,1469-8056
DOI: 10.1017/s136510051400100x