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Monetary Policy and Potential Output Uncertainty: A Quantitative Assessment

Simona Delle Chiaie

CEIS Research Paper from Tor Vergata University, CEIS

Abstract: This paper contributes to the recent literature that studies the quantitative implications of the imperfect information about potential output for the conduct of monetary policy. By means of Bayesian techniques, a small New Keynesian model is estimated taking explicitly account of the imperfect information problem. The estimation of the structural parameters and of the monetary authorities.objectives is key in assessing the quantitative relevance of the imperfect information problem and in evaluating the robustness of previous exercises based on calibration. Finally, the model allows us to analyse the usefulness of unit labor costs as monetary policy indicator.

Pages: 34
Date: 2007-02-20
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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https://ceistorvergata.it/RePEc/rpaper/No-94.pdf (application/pdf)

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Working Paper: Monetary policy and potential output uncertainty: a quantitative assessment (2009) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:rtv:ceisrp:94

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CEIS - Centre for Economic and International Studies - Faculty of Economics - University of Rome "Tor Vergata" - Via Columbia, 2 00133 Roma
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