全球智库信息集成服务系统(G2TT): Robust Monetary Policy Under Model Uncertainty in a Small Model of the U.S. Economy

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w7490
来源ID	Working Paper 7490
	Robust Monetary Policy Under Model Uncertainty in a Small Model of the U.S. Economy
	Alexei Onatski; James H. Stock
发表日期	2000
出版年	2000
语种	英语
摘要	This paper examines monetary policy in Rudebusch and Svensson's (1999) two equation macroeconomic model when the policymaker recognizes that the model is an approximation and is uncertain about the quality of that approximation. It is argued that the minimax approach of robust control provides a general and tractable alternative to the conventional Bayesian decision theoretic approach. Robust control techniques are used to construct robust monetary policies. In most (but not all) cases, these robust policies are more aggressive than the optimal policies absent model uncertainty. The specific robust policies depend strongly on the formation of model uncertainty used, and we make some suggestions about which formulation is most relevant for monetary policy applications.
主题	Macroeconomics ; Monetary Policy ; Econometrics ; Estimation Methods
URL	https://www.nber.org/papers/w7490
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/565036
推荐引用方式 GB/T 7714	Alexei Onatski,James H. Stock. Robust Monetary Policy Under Model Uncertainty in a Small Model of the U.S. Economy. 2000.

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
w7490.pdf（2840KB）	智库出版物		限制开放	CC BY-NC-SA	浏览