Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/319939 
Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
CASMEF Working Paper Series No. WP 2011/04
Verlag: 
LUISS Guido Carli, Department of Economics and Business, Arcelli Centre for Monetary and Financial Studies, Rome
Zusammenfassung: 
What is the welfare loss arising from uncertainty about true policy targets? We quantify these effects in a DSGE model where private agents are unable to distinguish between temporary shocks to potential output and to the inflation target. Agents use optimal filtering techniques to construct estimates of the unknown variables. We find that the welfare costs of not observing the inflation target and potential output are relevant even in the case of a small measurement error. We also show that, in our framework, uncertainty about the inflation target is more costly than uncertainty about potential output.
Schlagwörter: 
Monetary Policy
Kalman Filter
Potential Output
JEL: 
E5
E37
E52
E58
Dokumentart: 
Working Paper

Datei(en):
Datei
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