Incertitude sur l'effet global ou sur les délais d'action de la politique monétaire: politique robuste et activisme

Daniel Laskar ()

Recherches économiques de Louvain, 2007, vol. 73, issue 4, 387-421

Abstract: We compare two cases of uncertainty which have led to traditional arguments for less activist monetary policies: One, where the uncertainty concerns the global effect of policy, as in Brainard (1967); and the other where the uncertainty is about the the lags, as in Friedman (1960). We show that a bayesian approach leads to similar results in both cases, but that it is only in the case of uncertainty about lags that an approach in terms of robustness (through a minimax criterion) necessarily leads to less activism. Moreover, in that case, the robust policy is even less activist than what a bayesian approach would give. JEL Classification: E50, E60, D81.

Keywords: robust policy; uncertainty; activism (search for similar items in EconPapers)
JEL-codes: D81 E50 E60 (search for similar items in EconPapers)
Date: 2007
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Working Paper: Incertitude sur l’effet global ou sur les délais d’action de la politique monétaire: politique robuste et activisme (2007)
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