Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/209882 
Erscheinungsjahr: 
2007
Schriftenreihe/Nr.: 
Working Paper No. 2007/6
Verlag: 
Norges Bank, Oslo
Zusammenfassung: 
We study monetary policy under uncertainty. A policy which ameliorates a worst case may differ from a policy which maximizes robustness and satisfices the performance. The former strategy is min-maxing and the latter strategy is robust-satisficing. We show an "observational equivalence" between robust-satisficing and min-maxing. However, there remains a "behavioral difference" between robust-satisficing and min-maxing. Policy makers often wish to respect specified bounds on target variables. The robust-satisficing policy can be more (and is never less) robust, and hence more dependable, than the min-max policy. We illustrate this in an empirical example where monetary policy making amounts to selecting the coefficients of a Taylor-type interest rate rule, subject to uncertainty in the persistence of shocks to inflation.
Schlagwörter: 
Knightian uncertainty
robustness
info-gap decision theory
monetary policy
min-max policy
robust-satisficing policy
JEL: 
E52
E58
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-82-7553-398-0
Creative-Commons-Lizenz: 
cc-by-nc-nd Logo
Dokumentart: 
Working Paper
Erscheint in der Sammlung:

Datei(en):
Datei
Größe
336.84 kB





Publikationen in EconStor sind urheberrechtlich geschützt.