to maturity are arguably more relevant for asset prices and the economy, and it is unclear to what extent those yields …

and 1970s? We use counterfactual simulations of an estimated model of the U.S. economy to evaluate alternative monetary … stability only if the Federal Reserve had possessed excellent information regarding the structure of the economy or if it had … acted as if it placed relatively low weight on stabilizing the real economy. Neither condition held true. We document that …

central bank faces uncertainty about the true structure of the economy. We apply Bayesian methods to estimate the parameters …

This paper investigates the role that imperfect knowledge about the structure of the economy plays in the formation of … economy based on incoming data. The process of perpetual learning introduces an additional layer of dynamic interaction …