Sources of uncertainty in conducting monetary policy in Chile

Monetary policy is made in an environment of substantial uncertainty. Consequently, academic researchers have sought to formally demonstrate the implications of uncertainty, as well as the ways in which central banks can manage it. The theoretical literature on uncertainty distinguishes between thre...

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Autores principales:	Morandé, Felipe G., Tejada, Mauricio
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	POLÍTICA MONETARIA BANCOS CENTRALES BANCO CENTRAL DE CHILE
Acceso en línea:	https://hdl.handle.net/20.500.12580/3756
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spelling	oai-20.500.12580-37562021-04-24T11:03:23Z Sources of uncertainty in conducting monetary policy in Chile Morandé, Felipe G. Tejada, Mauricio POLÍTICA MONETARIA BANCOS CENTRALES BANCO CENTRAL DE CHILE Monetary policy is made in an environment of substantial uncertainty. Consequently, academic researchers have sought to formally demonstrate the implications of uncertainty, as well as the ways in which central banks can manage it. The theoretical literature on uncertainty distinguishes between three types: additive uncertainty refers to central banks’ lack of knowledge on the shocks the economy will face in the future, multiplicative uncertainty represents the lack of knowledge, or the erroneous knowledge, on one or more parameters of the behavioral model of the economy, and data uncertainty is associated with the fact that the information used by the central bank at the time policy decisions are made could be incorrect or could incompletely reflect the actual state of the economy. The objective of this paper is to review the quantitative relevance of these three types of uncertainty in the Central Bank of Chile’s monetary policy. 2019-11-01T00:04:23Z 2019-11-01T00:04:23Z 2009 Artículo 978-956-7421-32-9 https://hdl.handle.net/20.500.12580/3756 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. 451-509 application/pdf CHILE Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	POLÍTICA MONETARIA BANCOS CENTRALES BANCO CENTRAL DE CHILE
spellingShingle	POLÍTICA MONETARIA BANCOS CENTRALES BANCO CENTRAL DE CHILE Morandé, Felipe G. Tejada, Mauricio Sources of uncertainty in conducting monetary policy in Chile
description	Monetary policy is made in an environment of substantial uncertainty. Consequently, academic researchers have sought to formally demonstrate the implications of uncertainty, as well as the ways in which central banks can manage it. The theoretical literature on uncertainty distinguishes between three types: additive uncertainty refers to central banks’ lack of knowledge on the shocks the economy will face in the future, multiplicative uncertainty represents the lack of knowledge, or the erroneous knowledge, on one or more parameters of the behavioral model of the economy, and data uncertainty is associated with the fact that the information used by the central bank at the time policy decisions are made could be incorrect or could incompletely reflect the actual state of the economy. The objective of this paper is to review the quantitative relevance of these three types of uncertainty in the Central Bank of Chile’s monetary policy.
format	Artículo
author	Morandé, Felipe G. Tejada, Mauricio
author_facet	Morandé, Felipe G. Tejada, Mauricio
author_sort	Morandé, Felipe G.
title	Sources of uncertainty in conducting monetary policy in Chile
title_short	Sources of uncertainty in conducting monetary policy in Chile
title_full	Sources of uncertainty in conducting monetary policy in Chile
title_fullStr	Sources of uncertainty in conducting monetary policy in Chile
title_full_unstemmed	Sources of uncertainty in conducting monetary policy in Chile
title_sort	sources of uncertainty in conducting monetary policy in chile
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3756
work_keys_str_mv	AT morandefelipeg sourcesofuncertaintyinconductingmonetarypolicyinchile AT tejadamauricio sourcesofuncertaintyinconductingmonetarypolicyinchile
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Sources of uncertainty in conducting monetary policy in Chile

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