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- Title
Optimal discretionary policy in rational expectations models with regime switching.
- Authors
Moessner, Richhild
- Abstract
The paper considers policy design in the presence of structural change which is not known with certainty, and which may take the form of time variation in the parameters of an economic model. It extends the analysis to forward-looking models of the economy for the case of discretionary policy, when both the central bank and the private sector face uncertainty about model parameters.
- Subjects
ECONOMIC statistics; ECONOMIC models; ECONOMIC structure; ECONOMIC policy; CENTRAL banking industry; PRIVATE sector; UNCERTAINTY
- Publication
Bank of England Quarterly Bulletin, 2006, Vol 46, Issue 2, p180
- ISSN
0005-5166
- Publication type
Article