Monetary policy under uncertainty and learning: an overview

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dc.contributor.authorSchmidt-Hebbel, Klaus
dc.contributor.authorWalsh, Carl E.
dc.date.accessioned2019-11-01T00:04:38Z
dc.date.available2019-11-01T00:04:38Z
dc.date.issued2009
dc.descriptionCentral bank economists and academic economists conducting research on the design of monetary policy have made significant advances in recent years. This work has led to a clearer understanding of the desirable properties of interest rate rules, the role of announcements and communication, and the consequences of inflation targeting for both inflation and the real economy. Dynamic stochastic general equilibrium (DSGE) models have been extended from the small-scale, often calibrated versions initially employed to address policy issues to much larger models that are estimated using Bayesian techniques. Many central banks now use these models for policy evaluation.1 Much of this work neglects one of the key issues that policymaker face, however: the pervasive role of uncertainty.
dc.file.nameBCCh-sbc-v13-p001_025
dc.format.pdf
dc.format.extentSección o Parte de un Documento
dc.format.mediump. 01-25
dc.identifier.isbn978-956-7421-32-9
dc.identifier.urihttps://hdl.handle.net/20.500.12580/3745
dc.language.isoeng
dc.publisherBanco Central de Chile
dc.relation.ispartofSeries on Central Banking, Analysis, and Economic Policies, no. 13
dc.rightsAttribution-NonCommercial-NoDerivs 3.0 Chile*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/cl/*
dc.subjectPOLÍTICA MONETARIAes_ES
dc.subjectBANCOS CENTRALESes_ES
dc.subjectTASAS DE INTERÉSes_ES
dc.subjectINFLACIÓNes_ES
dc.subjectMODELOS ESTOCÁSTICOSes_ES
dc.titleMonetary policy under uncertainty and learning: an overview
dc.type.docArtículo

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