scholarly journals Learning and Monetary Policy Shifts

2003 ◽  
Author(s):  
Frank Schorfheide
Keyword(s):  
Monetary Policy ◽  
Policy Shifts

scholarly journals Learning and monetary policy shifts

2005 ◽  
Vol 8 (2) ◽  
pp. 392-419 ◽  
Author(s):  
Frank Schorfheide
Keyword(s):  
Monetary Policy ◽  
Policy Shifts

scholarly journals ROBUST MONETARY POLICY IN A NEW KEYNESIAN MODEL WITH IMPERFECT INTEREST RATE PASS-THROUGH

2015 ◽  
Vol 20 (6) ◽  
pp. 1504-1526 ◽  
Author(s):  
Rafael Gerke ◽  
Felix Hammermann
Keyword(s):  
Monetary Policy ◽  
Interest Rate ◽  
Central Bank ◽  
Model Misspecification ◽  
New Keynesian ◽  
Optimal Monetary Policy ◽  
Loan Rate ◽  
Keynesian Model ◽  
Pass Through ◽  
Policy Shifts

We use robust control to study how a central bank in an economy with imperfect interest rate pass-through conducts monetary policy if it fears that its model could be misspecified. We find that, first, whether robust optimal monetary policy under commitment responds more cautiously or more aggressively depends crucially on the source of shock. Imperfect pass-through amplifies the robust policy. Second, if the central bank is concerned about uncertainty, it dampens volatility in the inflation rate preemptively but accepts higher volatility in the output gap and loan rate. However, for highly sticky loan rates, insurance against model misspecification becomes particularly pricy. Third, if the central bank fears uncertainty only in the IS equation or the loan rate equation, the robust policy shifts its concern for stabilization away from inflation.

scholarly journals Monetary Policy Shifts and the Term Structure

2011 ◽  
Vol 78 (2) ◽  
pp. 429-457 ◽  
Author(s):  
A. Ang ◽  
J. Boivin ◽  
S. Dong ◽  
R. Loo-Kung
Keyword(s):  
Monetary Policy ◽  
Term Structure ◽  
Policy Shifts

scholarly journals Monetary Policy Shifts and the Term Structure

2009 ◽  
Author(s):  
Andrew Ang ◽  
Jean Boivin ◽  
Sen Dong ◽  
Rudy Loo-Kung
Keyword(s):  
Monetary Policy ◽  
Term Structure ◽  
Policy Shifts
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