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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Detaylı Bibliyografya
Yayımlandı:MAGKS - Joint Discussion Paper Series in Economics (Band 14-2019)
Yazar: Tillmann, Peter
Materyal Türü: Makale
Dil:İngilizce
Baskı/Yayın Bilgisi: Philipps-Universität Marburg 2019
Konular:
Wirtschaft
uncer- tainty
optimal monetary policy
discretion
liquidity trap
robust control
Economics
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