Monetary policy under uncertainty and learning

Huge swings in oil, food, and other commodity prices and the global financial crisis are at the core of current monetary policy discussion. The latter events are vivid reminders of how uncertainty, imperfect knowledge, and the need to learn affect macroeconomic behavior and the conduct of monetary p...

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Otros Autores:	Schmidt-Hebbel, Klaus
Formato:	Libro
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	POLÍTICA MONETARIA
Acceso en línea:	https://hdl.handle.net/20.500.12580/1642
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spelling	oai-20.500.12580-16422021-04-24T05:02:22Z Monetary policy under uncertainty and learning Schmidt-Hebbel, Klaus Walsh, Carl E. POLÍTICA MONETARIA Huge swings in oil, food, and other commodity prices and the global financial crisis are at the core of current monetary policy discussion. The latter events are vivid reminders of how uncertainty, imperfect knowledge, and the need to learn affect macroeconomic behavior and the conduct of monetary policy. Central bank and academic economists conducting research on the design of monetary policy have made significant advances in recent years. However, ongoing limitations of economic theory and data, structural changes in the economy, the inherent unobservability of key macro variables, and disagreements about the right model of the transmission of monetary policy imply that central bankers operate in an environment of both conventional and Knightian uncertainty. Hence economists and policymakers are engaged in continuous learning about the economy. At the same time, the public forms its expectations based on its evolving understanding of the economy and the policymakers' behavior. In this volume, leading international scholars address many of the key issues relevant to central bankers taking decisions under conditions of uncertainty and learning. The 14 essays in this volume offer both theoretical insights and international empirical results on the conduct of monetary policy under uncertainty and learning. The volume also addresses key issues on monetary policy conduct and results in Chile. Editado por Klaus Schmidt-Hebbel y Carl E. Walsh. Monetary Policy under Uncertainty and Learning: An Overview / Klaus Schmidt-Hebbel and Carl E. Walsh -- Expectations, Learning and Monetary Policy: An Overview of Recent Research / George W. Evans and Seppo Honkapohja -- Optimal Monetary Policy under Uncertainty in DSGE Models: A Markov Jump-Linear-Quadratic Approach / Lars E.O. Svensson and Noah Williams -- Imperfect Knowledge and the Pitfalls of Optimal Control Monetary Policy / Athanasios Orphanides and John C. Williams -- Robust Learning Stability with Operational Monetary Policy Rules / George W. Evans and Seppo Honkapohja -- Macroeconomic and Monetary Policies from the Eductive Viewpoint / Roger Guesnerie -- Determinacy, earnability, and Plausibility in Monetary Policy Analysis: Additional Results / Bennett T. McCallum -- A Sticky-Information General Equilibrium Model for Policy Analysis / Ricardo Reis -- Monetary Policy and Key Unobservables: Evidence from Large Industrial and Selected Inflation-Targeting Countries / Klaus Schmidt-Hebbel and Carl E. Walsh -- Inflation Target Transparency and the Macroeconomy / Martin Melecký, Diego Rodríguez Palenzuela and Ulf Söderström -- Learning, Endogenous Indexation, and Disinflation in the New-Keynesian Model / Volker Wieland -- Sources of Uncertainty in Conducting Monetary Policy in Chile / Felipe Morandé and Mauricio Tejada -- Inflation Dynamics in a Small Open Economy Model under Inflation Targeting: Some Evidence from Chile / Marco Del Negro and Frank Schorfheide -- Overoptimism, Boom-Bust Cycles and Monetary Policy in Small Open Economies / Manuel Marfán, Juan Pablo Medina and Claudio Soto. 2019-11-01T00:04:11Z 2019-11-01T00:04:11Z 2009 Libro 978-956-7421-32-9 https://hdl.handle.net/20.500.12580/1642 eng Series on Central Banking, Analysis, and Economic Policies, no. 13 Serie Banca Central, análisis y políticas económicas, no. 13 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Documento Completo 601 p. application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	POLÍTICA MONETARIA
spellingShingle	POLÍTICA MONETARIA Monetary policy under uncertainty and learning
description	Huge swings in oil, food, and other commodity prices and the global financial crisis are at the core of current monetary policy discussion. The latter events are vivid reminders of how uncertainty, imperfect knowledge, and the need to learn affect macroeconomic behavior and the conduct of monetary policy. Central bank and academic economists conducting research on the design of monetary policy have made significant advances in recent years. However, ongoing limitations of economic theory and data, structural changes in the economy, the inherent unobservability of key macro variables, and disagreements about the right model of the transmission of monetary policy imply that central bankers operate in an environment of both conventional and Knightian uncertainty. Hence economists and policymakers are engaged in continuous learning about the economy. At the same time, the public forms its expectations based on its evolving understanding of the economy and the policymakers' behavior. In this volume, leading international scholars address many of the key issues relevant to central bankers taking decisions under conditions of uncertainty and learning. The 14 essays in this volume offer both theoretical insights and international empirical results on the conduct of monetary policy under uncertainty and learning. The volume also addresses key issues on monetary policy conduct and results in Chile. Editado por Klaus Schmidt-Hebbel y Carl E. Walsh.
author2	Schmidt-Hebbel, Klaus
author_facet	Schmidt-Hebbel, Klaus
format	Libro
title	Monetary policy under uncertainty and learning
title_short	Monetary policy under uncertainty and learning
title_full	Monetary policy under uncertainty and learning
title_fullStr	Monetary policy under uncertainty and learning
title_full_unstemmed	Monetary policy under uncertainty and learning
title_sort	monetary policy under uncertainty and learning
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/1642
_version_	1718346588188835840

Monetary policy under uncertainty and learning

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