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The Price Puzzle
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Robust Monetary Policy in the New-keynesian Framework
Tiivistelmä: Robusti rahapolitiikka uusi-keynesiläisessä makromallissa.
Robust Monetary Policy in a Small Open Economy
This paper studies how a central bank's preference for robustness against model misspecification affects the design of monetary policy in a New-Keynesian model of a small open economy. Due to the simple model structure, we are able to solve analytically solve the optimal robust policy rule, and separately analyze the effects of robustness against misspecification concerning the determination of inflation, output and the exchange rate. We show that an increased central bank preference for robustness makes monetary policy respond more aggressively or more cautiously to shocks, depending on the type of shock and the source of misspecification.
Identifying the Interdependence Between US Monetary Policy and the Stock Market
Tiivistelmä: Rahapolitiikan ja osakemarkkinoiden keskinäisen riippuvuuden identifiointi Yhdysvalloissa.
