Optimal Monetary Policy under Uncertainty, Second Edition PDF Download
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Author: Richard T. Froyen
Publisher: Edward Elgar Publishing
ISBN: 1784717193
Category : Mathematical optimization
Languages : en
Pages : 466
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Book Description
This book provides a thorough survey of the model-based literature on optimal monetary in a stochastic setting. The survey begins with the literature of the 1970s which focused on the information problem in policy design and extends to the New Keynesian approach of the 1990s which centered on evaluating alternative targeting strategies. New to the second edition is consideration of research since the world financial crisis on the role of financial markets and institutions in the conduct of monetary policy.
Author: Richard T. Froyen
Publisher: Edward Elgar Publishing
ISBN: 1784717193
Category : Mathematical optimization
Languages : en
Pages : 466
Get Book Here
Book Description
This book provides a thorough survey of the model-based literature on optimal monetary in a stochastic setting. The survey begins with the literature of the 1970s which focused on the information problem in policy design and extends to the New Keynesian approach of the 1990s which centered on evaluating alternative targeting strategies. New to the second edition is consideration of research since the world financial crisis on the role of financial markets and institutions in the conduct of monetary policy.
Author: Richard T. Froyen
Publisher:
ISBN:
Category : Mathematical optimization
Languages : en
Pages : 0
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Book Description
Author: Anna Orlik
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Roger Craine
Publisher:
ISBN:
Category : Monetary policy
Languages : en
Pages : 34
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Book Description
Author: Rhys R Mendes
Publisher:
ISBN:
Category : Monetary policy
Languages : en
Pages : 44
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Book Description
Author: Richhild Moessner
Publisher:
ISBN:
Category :
Languages : en
Pages : 32
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Book Description
Author: Lars E. O. Svensson
Publisher:
ISBN:
Category : Monetary policy
Languages : en
Pages : 27
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Book Description
We study the design of optimal monetary policy under uncertainty in a dynamic stochastic general equilibrium models. We use a Markov jump-linear-quadratic (MJLQ) approach to study policy design, approximating the uncertainty by different discrete modes in a Markov chain, and by taking mode-dependent linear-quadratic approximations of the underlying model. This allows us to apply a powerful methodology with convenient solution algorithms that we have developed. We apply our methods to a benchmark New Keynesian model, analyzing how policy is affected by uncertainty, and how learning and active experimentation affect policy and losses.
Author: Takeshi Kimura
Publisher:
ISBN:
Category : Monetary policy
Languages : en
Pages : 70
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Book Description
Author: Lars E.O. Svensson
Publisher:
ISBN:
Category :
Languages : en
Pages : 27
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Book Description
Author: Rossen Rozenov
Publisher: International Monetary Fund
ISBN: 1475561385
Category : Business & Economics
Languages : en
Pages : 51
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Book Description
The paper offers a non-probabilistic framework for representation of uncertainty in the context of a simple linear-quadratic model of fiscal adjustment. Instead of treating model disturbances as random variables with known probability distributions, it is only assumed that they belong to some pre-specified compact set. Such an approach is appropriate when the decision maker does not have enough information to form probabilistic beliefs or when considerations for robustness are important. Solution of the model in the minimax sense when disturbance sets are ellipsoids is obtained and the application of the method is illustrated using the example of Portugal.
