This paper surveys the implications of uncertainty for the design of monetary policy. Among
the topics discussed are the impact of imperfect or noisy information on the performance of …

In this paper, I evaluate the performance deterioration that occurs when the central bank
employs an optimal targeting rule that is based on incorrect parameter values. I focus on two …

We first explore empirical evidence of parameter and shock uncertainties in a state-space
model with Markov switching. The evidence indicates that uncertainties in the US economy …

Recently there has been much interest in studying monetary policy under model uncertainty.
We develop methods to analyze different sources of uncertainty in one coherent structure …

In the conventional optimal monetary policy framework, two key assumptions underline the
full commitment solution: Monetary authority is perfectly credible, and can commit for an …

This is a book on the macroeconomy and monetary and fiscal policies in the Euro-area. The
Euro-area is a unified currency union since 1999, but monetary and fiscal policies were …

W opracowaniu podjęto próbę dokonania przeglądu zagadnień związanych z niepewnością
w polityce gospodarczej, głównie monetarnej. Pierwszą część poświęcono różnym …

This is a book on the macroeconomy and monetary and fiscal policies in the Euro-area. The
Euro-area is a unified currency union since 1999, yet attempts to coordinate monetary and …

This note applies H∞ methods to an estimated hybrid monetary policy model and derives
standard and robust optimal interest rate rules. We find that the 'robust'central banker …

Walsh (2004) demonstrated that the robustly optimal targeting rule of Giannoni and
Woodford (2003a, 2003b) and the targeting rule of a policy maker concerned with …