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dc.creatorBursian, Dirk
dc.creatorRoth, Markus
dc.date.accessioned2021-09-28T09:17:56Z
dc.date.available2021-09-28T09:17:56Z
dc.date.issued2013-09-26
dc.identifier.urihttps://fif.hebis.de/xmlui/handle/123456789/2131
dc.description.abstractWe examine whether the robustifying nature of Taylor rule cross-checking under model uncertainty carries over to the case of parameter uncertainty. Adjusting monetary policy based on this kind of cross-checking can improve the outcome for the monetary authority. This, however, crucially depends on the relative welfare weight that is attached to the output gap and also the degree of monetary policy commitment. We find that Taylor rule cross-checking is on average able to improve losses when the monetary authority only moderately cares about output stabilization and when policy is set in a discretionary way.
dc.rightsAttribution-ShareAlike 4.0 International
dc.rights.urihttp://creativecommons.org/licenses/by-sa/4.0/
dc.subjectMacro Finance
dc.titleOptimal Policy and Taylor Rule Cross-Checking Under Parameter Uncertainty
dc.typeWorking Paper
dc.source.filename30_SSRN-id2320426
dc.identifier.safeno30
dc.subject.keywordsoptimal monetary policy
dc.subject.keywordsparameter uncertainty
dc.subject.keywordstaylor rule
dc.subject.jelE47
dc.subject.jelE52
dc.subject.jelE58
dc.subject.topic1uncertainty
dc.subject.topic1trichet
dc.subject.topic1parameter
dc.subject.topic2reference
dc.subject.topic2goethe
dc.subject.topic2policy
dc.subject.topic3examine
dc.subject.topic3rule
dc.subject.topic3taylorRule
dc.subject.topic1nameCorporate Governance
dc.subject.topic2nameFiscal Stability
dc.subject.topic3nameMonetary Policy
dc.identifier.doi10.2139/ssrn.2320426


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