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dc.contributor.authorWieland, Volkeren
dc.date.accessioned2010-09-01T09:47:24Z-
dc.date.available2010-09-01T09:47:24Z-
dc.date.issued1999-
dc.identifier.urihttp://hdl.handle.net/10419/39532-
dc.description.abstractSince central banks have limited information concerning the transmission channel ofmonetary policy, they are faced with the difficult task of simultaneously controlling the policytarget and estimating the impact of policy actions. A tradeoff between estimation and controlarises because policy actions influence estimation and provide information which may improvefuture performance. I analyze this tradeoff in a simple model with parameter uncertainty andconduct dynamic simulations of the policymaker's decision problem in the presence of the typeof uncertainties that arose in the wake of German reunification. A policy that separates learningfrom control may induce a persistent upward bias in money growth and inflation, just as observedafter unification. In contrast, the optimal learning strategy which exploits the tradeoff betweencontrol and estimation significantly improves stabilization performance and reduces the likelihoodof inflationary bias.en
dc.language.isogeren
dc.publisher|aRheinische Friedrich-Wilhelms-Universität Bonn, Zentrum für Europäische Integrationsforschung (ZEI) |cBonnen
dc.relation.ispartofseries|aZEI Working Paper |xB 09-1999en
dc.subject.jelE52en
dc.subject.jelE40en
dc.subject.jelD83en
dc.subject.jelC44en
dc.subject.ddc330en
dc.subject.keywordoptimal control with unknown parametersen
dc.subject.keywordBayesian learningen
dc.subject.keywordmonetary policyen
dc.subject.keywordstructural changeen
dc.subject.keywordlearning by doingen
dc.subject.keywordinflation targetingen
dc.titleMonetary policy, parameter uncertainty and optimal learning-
dc.type|aWorking Paperen
dc.identifier.ppn815776853en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:zeiwps:B091999en

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