| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5056 |
| DP5056 Rule-Based Monetary Policy Under Central Banking Learning | |
| Kalin Nikolov; Kosuke Aoki | |
| 发表日期 | 2005-05-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | This paper studies how a central bank?s preference for robustness against model misspecification affects the design of monetary policy in a New-Keynesian model of a small open economy. Due to the simple model structure, we are able to solve analytically for the optimal robust policy rule, and we separately analyse the effects of robustness against misspecification concerning the determination of inflation, output and the exchange rate. We show that an increased central bank preference for robustness makes monetary policy respond more aggressively or more cautiously to shocks, depending on the type of shock and the source of misspecification. |
| 主题 | International Macroeconomics |
| 关键词 | Knightian uncertainty Model uncertainty Robust control Min-max policies |
| URL | https://cepr.org/publications/dp5056 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533953 |
| 推荐引用方式 GB/T 7714 | Kalin Nikolov,Kosuke Aoki. DP5056 Rule-Based Monetary Policy Under Central Banking Learning. 2005. |
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