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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
URLhttps://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.
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