| 来源类型 | FEEM working papers "Note di lavoro" series |
| 规范类型 | 论文 |
| Model Uncertainty, Optimal Monetary Policy andthe Preferences of the Fed | |
| Paolo Surico; Efrem Castelnuovo | |
| 发表日期 | 2001 |
| 出处 | Economy and Society |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | Monetary policy in the US is characterized by a substantial degree of inertia. While in principle this may well be the outcome of an optimizing central bank behavior, the ability of any derived policy rule to match the data relies on so large weights for interest rate smoothing into policy makers' preferences as to be theoretically flawed. In this paper we investigate whether such a puzzle can be interpreted as resulting from theconcern of monetary authorities for potential misspecifications of the macroeconomic dynamics. Accordingly, we propose a novel thick modeling approach that incorporates model uncertainty into the identification of central bank's preferences. The thick robust policy rule shows the kind of smoothness observed in the data without resorting to 'incredible' values for the preference parameters. |
| 特色分类 | C61,E52,E58 |
| 关键词 | Model uncertainty,interest rate smoothing,Fed policy preferences,optimal monetary policy |
| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/model-uncertainty-optimal-monetary-policy-andthe-preferences-of-the-fed/ |
| 来源智库 | Fondazione Eni Enrico Mattei (Italy) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/116692 |
| 推荐引用方式 GB/T 7714 | Paolo Surico,Efrem Castelnuovo. Model Uncertainty, Optimal Monetary Policy andthe Preferences of the Fed. 2001. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| NDL2001-089.pdf（857KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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