The role of model uncertainty and learning in the US postwar policy response to oil prices

DOI10.1016/J.JEDC.2012.01.013MaRDI QIDQ426671zbMATH OpenOpenAlexFDO

Authors Francesca Rondina

Publication date 11 June 2012

Published in Journal of Economic Dynamics and Control (Search for Journal in Brave)

Full work available at URL http://pareto.uab.es/wp/2010/83410.pdf

zbMATH Keywords

Bayesian model averaginglearningmodel uncertaintyoil pricesrobust policy

Mathematics Subject Classification ID

Classification and discrimination; cluster analysis (statistical aspects) (62H30) Learning and adaptive systems in artificial intelligence (68T05) Economic models of real-world systems (e.g., electricity markets, etc.) (91B74) Rationality and learning in game theory (91A26)

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Cites work

• A Bayesian approach to optimal monetary policy with parameter and model uncertainty
• Learning and control in a changing economic environment.
• Learning by doing and the value of optimal experimentation
• Model uncertainty and policy evaluation: some theory and empirics
• OIL PRICE SHOCKS, SYSTEMATIC MONETARY POLICY, AND THE “GREAT MODERATION”
• Robust monetary policy with misspecified models: Does model uncertainty always call for attenuated policy?
• Robustness
• Simple conditions for the convergence of the Gibbs sampler and Metropolis-Hastings algorithms
• Time Varying Structural Vector Autoregressions and Monetary Policy

Cited in

(4)

• Oil price shocks and monetary policy in resource-rich economies: does capital matter?
• How should monetary policy respond to changes in the relative price of oil? Considering supply and demand shocks
• Learning the wealth of nations
• Oil price forecastability and economic uncertainty

Describes a project that uses

Uses Software

• bvarsv
• BayesDA

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