English   español  
Por favor, use este identificador para citar o enlazar a este item: http://hdl.handle.net/10261/125723
logo share SHARE logo core CORE   Add this article to your Mendeley library MendeleyBASE

Visualizar otros formatos: MARC | Dublin Core | RDF | ORE | MODS | METS | DIDL
Exportar a otros formatos:

The Role of Model Uncertainty and Learning in the U.S. Postwar Policy Response to Oil Prices

AutorRondina, Francesca
Palabras claveBayesian model averaging
Model uncertainty
Oil prices
Robust policy
Fecha de publicación9-feb-2012
CitaciónJournal of Economic Dynamics and Control 36(7): 1009-1041 (2012)
ResumenThis paper studies optimal monetary policy in a framework that explicitly accounts for policymakers' uncertainty about the channels of transmission of oil prices into the economy. More specifically, using postwar US data, I examine the evolution of the policy recommendations originating from an optimal linear regulator problem that encompasses model uncertainty and learning, as proposed by . Cogley and Sargent (2005b). In this environment, I find that one of the underlying models dominates the robust interest rate response to oil prices, and I show that this result is due to the instability of this specification in the sample period under analysis. © 2012 Elsevier B.V.
Versión del editorhttp://dx.doi.org/10.1016/j.jedc.2012.01.013
Identificadoresissn: 0165-1889
Aparece en las colecciones: (IAE) Artículos
Ficheros en este ítem:
Fichero Descripción Tamaño Formato  
accesoRestringido.pdf15,38 kBAdobe PDFVista previa
Mostrar el registro completo

NOTA: Los ítems de Digital.CSIC están protegidos por copyright, con todos los derechos reservados, a menos que se indique lo contrario.