Comportement du banquier central en environnement incertain

Avouyi-Dovi, S. and Jean-Guillaume Sahuc ()

Documents de Travail from Banque de France

Abstract: Several recent papers are devoted to the examination of the central banker's behaviour in an uncertain economic environment. This paper proposes, from a central banker's point of view, a synthesis of the main sources of uncertainty as well as an illustration of their effects within an analytical framework. In particular, it shows that depending on the type of uncertainty and the choice of the selected loss function, the recommendations for monetary policy can be noticeably different. Retaining an ad hoc loss function - discretionary choice - in place of an endogenous loss function - choice consistent with the structural parameters - can involve considerable welfare losses.

Keywords: Monetary policy; Uncertainty; Macroeconomic Model. (search for similar items in EconPapers)
JEL-codes: D81 E52 E61 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-mac and nep-upt
Date: 2009
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Persistent link: http://EconPapers.repec.org/RePEc:bfr:banfra:241

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