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...

Full description

Bibliographic Details

Published in:	MAGKS - Joint Discussion Paper Series in Economics (Band 21-2010)
Main Author:	Tillmann, Peter
Format:	Work
Language:	English
Published:	2010
Subjects:	Monetary Policy Committee, Optimal Monetary Policy Model Uncertainty Robustness Wirtschaft Economics
Online Access:	PDF Full Text
Tags:	Add Tag No Tags, Be the first to tag this record!