Monetary Policy Under Uncertainty and Learning: An Overview

Klaus Schmidt-Hebbel and Carl Walsh

Working Papers Central Bank of Chile from Central Bank of Chile

Abstract: Central banks must make policy decisions in the face of uncertainty based on imperfect and evolving knowledge about the economy. While few general results have emerged from the research on monetary policy in the face of uncertainty and learning, a key lesson is that neither uncertainty nor learning can be ignored. This paper selectively reviews the literature on uncertainty and learning, specifically on the insights that are important for the conduct of monetary policy. Then it surveys the new research presented at the latest annual conference of the Central Bank of Chile, which uncovered recent theoretical results and empirical evidence for developed countries and the Chilean economy.

Date: 2008-12
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Citations: View citations in EconPapers (8)

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Related works:
Chapter: Monetary Policy under Uncertainty and Learning: An Overview (2009)
Journal Article: Monetary Policy Under Uncertainty and Learning: An Overview (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:chb:bcchwp:509

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