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

DOI10.1016/j.jedc.2012.01.013zbMath1239.91116MaRDI QIDQ426671

Francesca Rondina

Publication date: 11 June 2012

Published in: Journal of Economic Dynamics \& Control (Search for Journal in Brave)

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

zbMATH Keywords

learning; model uncertainty; Bayesian model averaging; oil prices; robust policy

Mathematics Subject Classification ID

62H30: Classification and discrimination; cluster analysis (statistical aspects)

68T05: Learning and adaptive systems in artificial intelligence

91B74: Economic models of real-world systems (e.g., electricity markets, etc.)

91A26: Rationality and learning in game theory

Uses Software

• BayesDA
• bvarsv

Cites Work

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