| Avoiding Nash Inflation: Bayesian and Robust Response to Model Uncertainty Contributor(s): Federal Reserve Board (Author) |
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ISBN: 1505421985 ISBN-13: 9781505421989 Publisher: Createspace Independent Publishing Platform OUR PRICE: $12.30 Product Type: Paperback Published: December 2014 |
| Additional Information |
| BISAC Categories: - Business & Economics |
| Physical Information: 0.09" H x 8.5" W x 11.02" (0.28 lbs) 44 pages |
| Descriptions, Reviews, Etc. |
| Publisher Description: This paper considers the design of monetary policy under uncertainty. Specifically, we usea simple model to jointly consider three things: learning by the monetary authority; model misspecification; and robust policies to counter the misspecification problems. To the best of ourknowledge, this is the first paper to simultaneously consider these crucial elements of real-world policy design. |