Robustly optimal monetary policy in a New Keynesian model with housing

DOI10.1016/J.JET.2021.105352MaRDI QIDQ2067356zbMATH OpenOpenAlexFDO

Authors Klaus Adam, Michael Woodford

Publication date 18 January 2022

Published in Journal of Economic Theory (Search for Journal in Brave)

Full work available at URL http://www.nber.org/papers/w26833.pdf

zbMATH Keywords

belief distortionshousing pricesNew Keynesian modelrobustly optimal policy

Mathematics Subject Classification ID

Dynamic stochastic general equilibrium theory (91B51) Macroeconomic theory (monetary models, models of taxation) (91B64)

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Cites work

• Ambiguity aversion and model misspecification: an economic perspective
• Ambiguity Aversion, Robustness, and the Variational Representation of Preferences
• Doubts or variability?
• Managing pessimistic expectations and fiscal policy
• Optimal target criteria for stabilization policy
• Robust estimation and control under commitment
• Robustness
• Three types of robust Ramsey problems in a linear-quadratic framework

Cited in

(8)

• Monetary policy transmission in a model with animal spirits and house price booms and busts
• Learning about monetary policy rules when the housing market matters
• ROBUST MONETARY POLICY IN THE NEW KEYNESIAN FRAMEWORK
• Doubts about the model and optimal policy
• Survey data and subjective beliefs in business cycle models
• Leaning against persistent financial cycles with occasional crises
• Leaning against boom-bust cycles in credit and housing prices
• Optimal monetary policy in a New Keynesian model with job search

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