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Article Dans Une Revue Applied Economics Letters Année : 2010

Implications of parameter uncertainty for monetary policy in a simple Euro area model

Résumé

The `Brainard conservatism principle' states that the optimal monetary policy rule should be less aggressive when uncertainty about parameters is taken into account. However, this principle is not fully general and may be reversed in some cases. This paper examines the implications of parameter uncertainty for monetary policy using a simple empirical model of the Euro area. The Brainard principle is found to be empirically relevant.
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Dates et versions

hal-02878036 , version 1 (22-06-2020)

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Hervé Le Bihan, Jean-Guillaume Sahuc. Implications of parameter uncertainty for monetary policy in a simple Euro area model. Applied Economics Letters, 2010, 9 (2), pp.553-556. ⟨10.1080/13504850110108067⟩. ⟨hal-02878036⟩

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