Add to ORKGAccounting for the uncertainty inherent in real-time perceptions of the state of the economy is believed to be critical for the analysis of historical monetary policy. We investigate this claim through the lens of a small-scale new-Keynesian model with optimal discretionary policy and partial information about the state. The model is estimated using maximum likelihood on US data over the Volcker-Greenspan-Bernanke regime. A comparison of our estimates to those from a version of the model with complete information reveals that under partial information: (i) the Federal Reserve demonstrates a significant concern for stabilizing fluctuations in the output gap, and (ii) the discrepancy between optimal and observed policy behavior is smaller
This paper studies optimal real-time monetary policy when the central bank takes the volatility of t...
Abstract. Monetary policy is conducted in an environment of uncertainty. This paper sets up a model ...
In the world that confronts policymakers, data on the most recent economic outcomes tend to be those...
Accounting for the uncertainty inherent in real-time perceptions of the state of the economy is beli...
Accounting for the uncertainty inherent in real-time perceptions of the state of the economy is beli...
We use Bayesian methods to estimate the preferences of the US Federal Reserve by assuming that monet...
In many countries, the monetary policy instrument sometimes remains unchanged for a long period and ...
This paper studies optimal monetary policy under discretion when private agents learn about an uncer...
The optimal weights on indicators in models with partial information about the state of the economy ...
In many countries, the monetary policy instrument sometimes remains unchanged for a long period and ...
The design of monetary policy depends on the targeting strategy adopted by the central bank. This st...
This paper contributes to the recent literature that studies the quantitative implications of the im...
We provide a tractable model to study monetary policy under discretion. We focus on Markov equilibri...
This paper explains US macroeconomic outcomes with an empirical new-Keynesian model in which monetar...
This paper contributes to the recent literature that studies the quantitative implications of the im...
This paper studies optimal real-time monetary policy when the central bank takes the volatility of t...
Abstract. Monetary policy is conducted in an environment of uncertainty. This paper sets up a model ...
In the world that confronts policymakers, data on the most recent economic outcomes tend to be those...
Accounting for the uncertainty inherent in real-time perceptions of the state of the economy is beli...
Accounting for the uncertainty inherent in real-time perceptions of the state of the economy is beli...
We use Bayesian methods to estimate the preferences of the US Federal Reserve by assuming that monet...
In many countries, the monetary policy instrument sometimes remains unchanged for a long period and ...
This paper studies optimal monetary policy under discretion when private agents learn about an uncer...
The optimal weights on indicators in models with partial information about the state of the economy ...
In many countries, the monetary policy instrument sometimes remains unchanged for a long period and ...
The design of monetary policy depends on the targeting strategy adopted by the central bank. This st...
This paper contributes to the recent literature that studies the quantitative implications of the im...
We provide a tractable model to study monetary policy under discretion. We focus on Markov equilibri...
This paper explains US macroeconomic outcomes with an empirical new-Keynesian model in which monetar...
This paper contributes to the recent literature that studies the quantitative implications of the im...
This paper studies optimal real-time monetary policy when the central bank takes the volatility of t...
Abstract. Monetary policy is conducted in an environment of uncertainty. This paper sets up a model ...
In the world that confronts policymakers, data on the most recent economic outcomes tend to be those...