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A basic model and some early results

In: Optimal Monetary Policy under Uncertainty, Second Edition

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Abstract

Chapter 2 presents some early models that treat the question of optimal monetary policy as one of constrained optimization in an uncertain environment. The constraints are the equations of the model that characterizes the economy. Within this framework the choice of instrument and target variables is considered. The concept of a combination policy is explained. The final sections in the chapter extend the analysis to cases where uncertainty is due to not only to additive shocks but also to uncertainty about model parameters and structure.

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  • ., 2019. "A basic model and some early results," Chapters, in: Optimal Monetary Policy under Uncertainty, Second Edition, chapter 2, pages 7-30, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:16504_2
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    Keywords

    Economics and Finance;

    Statistics

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