Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/277764 
Erscheinungsjahr: 
2023
Schriftenreihe/Nr.: 
Bank of Finland Research Discussion Papers No. 12/2023
Verlag: 
Bank of Finland, Helsinki
Zusammenfassung: 
Optimal monetary policy studies typically rely on a single structural model and identification of model-specific rules that minimize the unconditional volatilities of inflation and real activity. In our proposed approach, we take a large set of structural models and look for the model-robust rules that minimize the volatilities at those frequencies that policymakers are most interested in stabilizing. Compared to the status quo approach, our results suggest that policymakers should be more restrained in their inflation responses when their aim is to stabilize inflation and output growth at specific frequencies. Additional caution is called for due to model uncertainty.
Schlagwörter: 
monetary policy rules
policy evaluation
model comparison
model uncertainty
frequency domain
design limits
DSGE models
JEL: 
C49
E32
E37
E52
E58
URL der Erstveröffentlichung: 
ISBN: 
978-952-323-445-1
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
722.96 kB





Publikationen in EconStor sind urheberrechtlich geschützt.