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- W2763246639 abstract "This paper shows that monetary policy does and should respond systematically to time variation in ex-ante uncertainty and heterogeneity in private sector’s views over the business cycle. Empirical tests are initially conducted on the basis of an augmented forward-looking Taylor rule framework, modified to account for learning and robustness. Normative justification is further provided by evaluating the optimal forecast-based monetary policy response under imperfect knowledge given a set of heterogeneous nested reference structural models, estimated to best fit private sector’s forecasts in addition to contemporaneous data." @default.
- W2763246639 created "2017-10-20" @default.
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- W2763246639 date "2017-01-01" @default.
- W2763246639 modified "2023-09-27" @default.
- W2763246639 title "Monetary Policy, Heterogeneous Expectations and Structural Uncertainty" @default.
- W2763246639 doi "https://doi.org/10.2139/ssrn.3043037" @default.
- W2763246639 hasPublicationYear "2017" @default.
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