Robust Versus Optimal Rules in Monetary Policy: A Note
We provide a framework for analyzing the choice between optimal and robust monetary policy rules in the presence of paradigm uncertainty. We first discuss the conditions on uncertainty that render a robust rule preferable to an optimal rule. Second, we show how the degree of risk aversion of the pol...
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| Corporate Author: | |
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| Format: | Book |
| Language: | English |
| Published: |
Washington, D.C. :
International Monetary Fund,
2004
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| Series: | IMF Working Papers ;
Working Paper No. 04/96 IMF eLibrary |
| Subjects: | |
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