Comportement du banquier central en environnement incertain

Sanvi Avouyi-Dovi and Jean-Guillaume Sahuc

Revue d'économie politique, 2009, vol. 119, issue 1, 119-142

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)
Date: 2009
References: Add references at CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://www.cairn.info/load_pdf.php?ID_ARTICLE=REDP_191_0119 (application/pdf)
http://www.cairn.info/revue-d-economie-politique-2009-1-page-119.htm (text/html)
free

Related works:
Working Paper: Comportement du banquier central en environnement incertain (2009)
Working Paper: Comportement du Banquier Central en Environnement Incertain (2009)
Working Paper: Comportement du banquier central en environnement incertain (2007)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cai:repdal:redp_191_0119

Access Statistics for this article

More articles in Revue d'économie politique from Dalloz
Bibliographic data for series maintained by Jean-Baptiste de Vathaire ().