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2003 | nr 9 | 82--104
Tytuł artykułu

Reguły stopy procentowej w warunkach niepewności

Autorzy
Treść / Zawartość
Warianty tytułu
Rules of Percentage Rate in Conditions of Uncertainty
Języki publikacji
PL
Abstrakty
Artykuł koncentrując się na polityce pieniężnej - przedstawia wybrane wyniki analiz teoretycznych i empirycznych, których głównym motywem jest szeroko rozumiana niepewność, a politykę pieniężną utożsamia się z regulą stopy procentowej.
EN
The paper is a review of research on the subject of the effectiveness of monetary policy implemented in conditions of uncertainty, when the policy itself is identified with the rule of percentage rate - most often the simple rule both with the traditional interpretation of the nature of the uncertaintly, i.e. Bayesian uncertainty (effective rules) and uncertainty in Knight's sense (effectively resistant rules). (short original abstract)
Rocznik
Numer
Strony
82--104
Opis fizyczny
Twórcy
autor
Bibliografia
  • Brainard W. 1967, Uncertainty and the Effectiveness of Policy, "American Economic Review", nr 57 (2).
  • Caravani P., 1995, On H°° Criteria for Macroeconomic Policy Evaluation, "Journal of Economic Dynamic and Control", nr 19.
  • Chow G. C., 1970, Optimal Control of Linear Econometric Systems with Finite Time Horizon, Economic Research Program, Research Memorandum nr 115, Princeton University.
  • Chow G. C., 1972, Effect of Uncertainty on Optimal Control Policies, Economic Research Program, Research Memorandum nr 145, Princeton University.
  • Chow G. C., 1995, Ekonometria, PWN.
  • Chow G. C., 1997, Dynamic Economics. Optimization by the Lagrange Method, OUP.
  • Estrella A., Mishkin F. S., 1999, Rethinking the Role ofNAIRU in Monetary Policy, w: Taylor J. (wyd.), 1999, Monetary Policy Rules, NBER, Chicago.
  • Favero C. A., 2001, Applied Macroeconometrics, OUP.
  • Giordani P., Söderlind P., 2002, Solution of Macromodels with Hansen-Sargent Robust Policies: Summary and some Extensions, Stockholm School of Economics.
  • Hansen P. L, Sargent T., 2000, Wanting Robustness in Macroeconomics, Stanford University.
  • Hansen P. L., Sargent T., 2001, Elements of Robust Control and Filtering for Macroeconomics, Stanford University.
  • Levin A., Williams J. C., Wieland V., 1999, Robustness of Simple Monetary Policy Rules under Model Uncertainty, w: Taylor J. (wyd.), 1999, Monetary Policy Rules, NBER, Chicago.
  • Levin A., Williams J. C., Wieland V., 2001, The Performance of Forecast-Based Monetary Policy Rules under Model Uncertainty, Board of Governors FRS, August 2001.
  • Muehlen von zur P., 2001, Activist vs. Non-Activist Monetary Policy: Optimal Rules Under Extreme Uncertainty (A Primer on Robust Control), Board of Governors FED.
  • Onatski A., Stock J., 2000, Robust Monetary Policy under Uncertainty in a Small Model of the U.S. Economy, NBER Working Paper 7490.
  • Orphanides A., 1998, Monetary Policy Evaluation With Noisy Information, Board of Governors of the FRS, October 1998.
  • Orphanides A., Porter R. F., Reifschneider D., Tetlow R., Finan F., 1999, Errors in the Measurement of the Output Gap and the Design of Monetary Policy, Board of Governors FRS, August 1999.
  • Orphanides A., Wieland V., 2000, Inflation zone targeting, "European Economic Review", nr 44.
  • Orphanides A., Williams J., 2002, Imperfect Knowledge, Inflation Expectations, and Monetary Policy, Board of Governors FRS, May 2002.
  • Phillips A. W., 1954, Stabilization Policy in a Closed Economy, "The Economic Journal", 64.
  • Rudebusch G. D., Svensson L. E. 0., 1999, Policy Rules for Infation Targetting, w: Taylor J. (wyd.), 1999, Monetary Policy Rules, NBER, Chicago.
  • Sargent T. J., 1987, Dynamic Macroeconomic Theory, Harvard University Press.
  • Shuetrim G., Thompson Ch., 1999, The Implications of Uncertainty for Monetary Policy Research Discussion Paper, 1999-10, Economic Research Department, Reserve Bank of Australia.
  • Smets F., 1998, Output Gap Uncertainty: Does it Matter for the Taylor Rule?, BIS Working Papers nr 60.
  • Sims Ch. A., 2001, Pitfalls of Minimax Approach to Model Uncertainty, rękopis.
  • Söderstrom U., 2000, Monetary Policy with Uncertain Parameters, EEC Working Papers Series nr 13.
  • Svensson L. E. 0., 2000, Robust Control Made Simple, rękopis.
  • Svensson L. E. O., Woodford M., 2002, Optimal Policy with Partial Information in a For-ward-Looking Model: Certainty-Equivalence Redux, Princenton i NBER.
  • Tetlow R. J., Muehlen von zu P.r, 2000, Robust Monetary Policy with Misspecified Models: Does Model Uncertainty Always Call for Attenuated Policy?, Board of Governors FED.
  • Tetlow R. J., Muehlen von zu P.r, 2001, Avoiding Nash Inflation, Bayesian and Robust Responses to Model Uncertainty, Board of Governors FED, December 2001.
  • Turnovsky S., 1977a, Optimal Control of Linear Systems with stochastic coefficient and additive disturbances, w: Pitchford J. D., Turnovsky S. J. (red.) Applications of Control Theory to Economic Analysis, North-Holland.
  • Turnovsky S., 1977b, On the Scope of Optimal and Discretionary Policies in the Stabilization of Stochastic Linear Systems, w: PitchfordJ. D., Turnovsky S. J. (red.), Applications of Control Theory to Economic Analysis, North-Holland.
Typ dokumentu
Bibliografia
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