Robust Monetary Policy Under Uncertainty About the Lower Bound

Robust Monetary Policy Under Uncertainty About the Lower Bound

Central banks face uncertainty about the true location of the effective lower bound (ELB) on nominal interest rates. We model optimal discretionary monetary policy during a liquidity trap when the central bank designs policy that is robust with respect to the location of the ELB. If the central b...

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Publikašuvnnas:MAGKS - Joint Discussion Paper Series in Economics (Band 14-2019)
Váldodahkki: Tillmann, Peter
Materiálatiipa: Artihkal
Giella:eaŋgalasgiella
Almmustuhtton: Philipps-Universität Marburg 2019
Fáttát:
Wirtschaft
uncer- tainty
optimal monetary policy
discretion
liquidity trap
robust control
Economics
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MAGKS - Joint Discussion Paper Series in Economics

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