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We examine optimal and other monetary policies in a linear-quadratic setup with relatively general forms of model uncertainty. The forms of uncertainty our framework encompasses include: simple i.i.d. model deviations; serially correlated model deviations; estimable regime-switching models; more...
Persistent link: https://www.econbiz.de/10005537471
We study a dynamic general equilibrium model with production, in which a representative agent chooses an unobservable effort level. We cast the problem as a continuous time principal agent model. We study the problem of a central planner (the principal) choosing optimal allocations of...
Persistent link: https://www.econbiz.de/10005132691
Over the past decade there has been remarkable progress in developing empirical micro-founded macroeconomic models for monetary policy analysis that feature coherence both to economic theory and to the data. In this paper, we estimate using Bayesian methods a second-generation micro founded...
Persistent link: https://www.econbiz.de/10005343019