A Bayesian approach to optimal monetary policy with parameter and model uncertainty

DOI10.1016/J.JEDC.2011.02.006MaRDI QIDQ428007zbMATH OpenOpenAlexFDO

Authors Timothy Cogley, Bianca De Paoli, Christian Matthes, Kalin Nikolov, Tony Yates

Publication date 18 June 2012

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

Full work available at URL https://doi.org/10.1016/j.jedc.2011.02.006

zbMATH Keywords

Bayesian analysisstatistical decision theorymonetary policyquantitative policy modeling

Mathematics Subject Classification ID

Statistical methods; risk measures (91G70)

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Cites work

• scientific article; zbMATH DE number 5035832 (Why is no real title available?)
• Bayesian Analysis of DSGE Models
• Can Sticky Price Models Generate Volatile and Persistent Real Exchange Rates?
• Model uncertainty and policy evaluation: some theory and empirics
• Monetary Policy and Exchange Rate Volatility in a Small Open Economy
• Optimal contracts and competitive markets with costly state verification
• Pooling of forecasts
• Using simulation methods for bayesian econometric models: inference, development,and communication

Cited in

(10)

• Optimal nonlinear policy: signal extraction with a non-normal prior
• Improving monetary policy models
• Model uncertainty and policy evaluation: some theory and empirics
• scientific article; zbMATH DE number 1790589 (Why is no real title available?)
• Optimal monetary policy in a micro-founded model with parameter uncertainty
• A new approach for modelling and understanding optimal monetary policy
• The role of model uncertainty and learning in the US postwar policy response to oil prices
• Bayesian fan charts for U.K. Inflation: Forecasting and sources of uncertainty in an evolving monetary system
• Stochastic optimization and worst-case analysis in monetary policy design
• Learning and loss functions: comparing optimal and operational monetary policy rules

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