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Fundamental uncertainty and unconventional monetary policy- an info-gap approach

Yakov Ben-Haim, Maria Demertzis and Jan Willem End ()

Working Papers from Bruegel

Abstract: This paper applies the info-gap approach to the unconventional monetary policy of the Eurosystem and so takes into account the fundamental uncertainty on inflation shocks and the transmission mechanism. The outcomes show that a more demanding monetary strategy, in terms of lower tolerance for output and inflation gaps, entails less robustness against uncertainty, particularly if financial variables are taken into account. Augmenting the Taylor rule with a financial variable leads...

Date: 2017-02
New Economics Papers: this item is included in nep-cba, nep-fdg, nep-mac and nep-mon
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