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来源类型 | Working Paper |
规范类型 | 工作论文 |
Fundamental uncertainty and unconventional monetary policy: an info-gap approach | |
Yakov Ben-Haim; Maria Demertzis; Jan Willem van den End | |
发表日期 | 2017-02-28 |
出版年 | 2017 |
语种 | 英语 |
概述 | This paper applies the info-gap approach to the unconventional monetary policy of the Eurosystem and so takes into account the fundamental uncertainty on inflation shocks and the transmission mechanism. |
摘要 | This paper applies the info-gap approach to the unconventional monetary policy of the Eurosystem and so takes into account the fundamental uncertainty on inflation shocks and the transmission mechanism. The outcomes show that a more demanding monetary strategy, in terms of lower tolerance for output and inflation gaps, entails less robustness against uncertainty, particularly if financial variables are taken into account. Augmenting the Taylor rule with a financial variable leads to a smaller loss of robustness than taking into account the effect of financial imbalances on the economy. However, in some situations, the augmented model is more robust than the baseline model. A conclusion from our framework is that including financial imbalances in the monetary policy objective does not necessarily increase policy robustness, and may even decrease it. |
主题 | European Macroeconomics & Governance |
关键词 | central banks euro Monetary policy |
URL | https://bruegel.org/2017/02/fundamental-uncertainty-and-unconventional-monetary-policy-an-info-gap-approach/ |
来源智库 | Bruegel (Belgium) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/429606 |
推荐引用方式 GB/T 7714 | Yakov Ben-Haim,Maria Demertzis,Jan Willem van den End. Fundamental uncertainty and unconventional monetary policy: an info-gap approach. 2017. |
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 | ||
WP_01_17-cover.png(40KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | ![]() 浏览 | ||
WP_01_17.pdf(3526KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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