MONETARY POLICY RULES UNDER UNCERTAINTY: EMPIRICAL EVIDENCE, ADAPTIVE LEARNING, AND ROBUST CONTROL

DOI10.1017/S1365100505040332MaRDI QIDQ3375357zbMATH OpenOpenAlexFDO

Authors Wenlang Zhang, Willi Semmler

Publication date 8 March 2006

Published in Macroeconomic Dynamics (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1017/s1365100505040332

zbMATH Keywords

Markov switchingrecursive least-squares learningrobust controlstate-space model

Mathematics Subject Classification ID

Macroeconomic theory (monetary models, models of taxation) (91B64) Least squares and related methods for stochastic control systems (93E24)

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Cites work

• Adaptive control in the presence of time-varying parameters
• An adaptive grid scheme for the discrete Hamilton-Jacobi-Bellman equation
• Learning and control in a changing economic environment.
• Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory*
• Simplicity versus optimality: The choice of monetary policy rules when agents must learn
• The U. S. Phillips curve: The case for asymmetry
• Using dynamic programming with adaptive grid scheme for optimal control problems in economics

Cited in

(13)

• An optimal control problem of monetary policy
• Risk aversion, uncertainty, and monetary policy: structural vector autoregressions identified with high-frequency external instruments
• Robust monetary policy, optimal delegation and misspecified potential output
• Uncertainty in macroeconomic policy-making: art or science?
• Adaptive Learning and Central Bank Inattentiveness in Optimal Monetary Policy
• ROBUST MONETARY POLICY UNDER UNCERTAINTY ABOUT CENTRAL BANK PREFERENCES
• Sequential control of a monetary policy model for India
• Does financial stability matter to the fed in setting US monetary policy?
• The price of risk and ambiguity in an intertemporal general equilibrium model of asset prices
• Learning and loss functions: comparing optimal and operational monetary policy rules
• Measurement problems and uncertainty in monetary policy
• Learning, monetary policy rules, and macroeconomic stability
• Optimal monetary policy in a regime-switching economy: The response to abrupt shifts in exchange rate dynamics

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