Monetary policy with imperfect knowledge
This ECB Working Paper examines the performance and robustness properties of monetary policy rules in an estimated macroeconomic model in which the economy undergoes structural change and where private agents and the central bank possess imperfect knowledge about the true structure of the economy.
The paper, which is co-authored by Athanasios Orphanides, who recently resigned from a research post at the US Federal Reserve to become governor of the Central Bank of Cyprus, argue "policymakers
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