Monetary policy under uncertainty and learning: an overview

Central 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 c...

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Autores principales:	Schmidt-Hebbel, Klaus, Walsh, Carl E.
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	POLÍTICA MONETARIA BANCOS CENTRALES TASAS DE INTERÉS INFLACIÓN MODELOS ESTOCÁSTICOS
Acceso en línea:	https://hdl.handle.net/20.500.12580/3745
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spelling	oai-20.500.12580-37452021-04-24T11:02:18Z Monetary policy under uncertainty and learning: an overview Schmidt-Hebbel, Klaus Walsh, Carl E. POLÍTICA MONETARIA BANCOS CENTRALES TASAS DE INTERÉS INFLACIÓN MODELOS ESTOCÁSTICOS Central 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. 2019-11-01T00:04:38Z 2019-11-01T00:04:38Z 2009 Artículo 978-956-7421-32-9 https://hdl.handle.net/20.500.12580/3745 eng Series on Central Banking, Analysis, and Economic Policies, no. 13 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 01-25 application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	POLÍTICA MONETARIA BANCOS CENTRALES TASAS DE INTERÉS INFLACIÓN MODELOS ESTOCÁSTICOS
spellingShingle	POLÍTICA MONETARIA BANCOS CENTRALES TASAS DE INTERÉS INFLACIÓN MODELOS ESTOCÁSTICOS Schmidt-Hebbel, Klaus Walsh, Carl E. Monetary policy under uncertainty and learning: an overview
description	Central 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.
format	Artículo
author	Schmidt-Hebbel, Klaus Walsh, Carl E.
author_facet	Schmidt-Hebbel, Klaus Walsh, Carl E.
author_sort	Schmidt-Hebbel, Klaus
title	Monetary policy under uncertainty and learning: an overview
title_short	Monetary policy under uncertainty and learning: an overview
title_full	Monetary policy under uncertainty and learning: an overview
title_fullStr	Monetary policy under uncertainty and learning: an overview
title_full_unstemmed	Monetary policy under uncertainty and learning: an overview
title_sort	monetary policy under uncertainty and learning: an overview
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3745
work_keys_str_mv	AT schmidthebbelklaus monetarypolicyunderuncertaintyandlearninganoverview AT walshcarle monetarypolicyunderuncertaintyandlearninganoverview
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Monetary policy under uncertainty and learning: an overview

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