Prudent Monetary Policy and Prediction of the Output Gap.
Risk-adjusted LQG optimal control with perfect and imperfect observation of the economy is used to obtain prudent Taylor rules for monetary policies and cautious Kalman filters. A prudent central bank adjusts the nominal interest rate more aggressively to changes in the inflation gap, especially if...
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| Médium: | Journal article |
| Jazyk: | English |
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Elsevier
2009
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