Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/211998 
Erscheinungsjahr: 
2004
Schriftenreihe/Nr.: 
Bank of Finland Discussion Papers No. 31/2004
Verlag: 
Bank of Finland, Helsinki
Zusammenfassung: 
We study the effects of model uncertainty in a simple New-Keynesian model using robust control techniques.Due to the simple model structure, we are able to find closed-form solutions for the robust control problem, analysing both instrument rules and targeting rules under different timing assumptions.In all cases but one, an increased preference for robustness makes monetary policy respond more aggressively to cost shocks but leaves the response to demand shocks unchanged.As a consequence, inflation is less volatile and output is more volatile than under a non-robust policy.Under one particular timing assumption, however, increasing the preference for robustness has no effect on the optimal targeting rule (nor on the economy).
Schlagwörter: 
Knightian uncertainty
model uncertainty
robust control
min-max policies
JEL: 
E52
E58
F41
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
952-462-186-X
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe





Publikationen in EconStor sind urheberrechtlich geschützt.