Monetary Policy Committees and Model Uncertainty

We introduce heterogeneity into a monetary policy committee by allowing the degree of model uncertainty to differ across members. It is shown that in this framework the stage at which members reach consensus matters. An aggregation protocol under which members only average policy deemed optimal from...

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I whakaputaina i:MAGKS - Joint Discussion Paper Series in Economics (Band 21-2010)
Kaituhi matua: Tillmann, Peter
Hōputu: Arbeit
Reo:Ingarihi
I whakaputaina: Philipps-Universität Marburg 2010
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MAGKS - Joint Discussion Paper Series in Economics