This paper discusses the problem of monetary policy transparency in a simple static robust control framework. In this framework, we identify two sources of monetary policy uncertainty. First, we identify the uncertainty about the central bank’s inflation stabilization preferences, which...

In this paper, we examine the inflation persistence puzzle by applying the robust control approach of Hansen and Sargent (2008). In line with the literature suggesting that inflation persistence may be affected by the monetary policy design and its institutional characteristics, we find that...

Ecological agriculture is the important industrial foundation for building eco-cities, while green agriculture policy plays an essential role in promoting sustainable development of ecological agriculture. This paper analyzed the relationship between green agriculture policy and developing...

This paper addresses the issue of monetary policy transparency in a context of model uncertainty by adapting the robust control approach. We find that even if the desire of robustness induces an aggressive response of union and central bank, the central bank should reveal its preference about...

A test is proposed that extends the Chen-Wolfe (1990) test for umbrella alternatives with an unknown peak to use with ranked-set samples data. This follows from ideas in Bohn & Wolfe (1992), Magel (1994), and Hartlaub & Wolfe (1999). Critical values are simulated for the proposed test based on...

In this paper,we consider the transparency of monetary policy in a New Keynesian model with misspecification doubts. Model uncertainty allows us to identify a new source of central bank opacity, which refers to a lack of information about central bank’s preference for model robustness. Thus,...

This paper concerns outlier robust non-parametric regression with smoothing splines for data that are possibly correlated. We define a robust smoother as the minimizer of a penalized robustified log likelihood. Our estimation algorithm uses iteratively reweighted least squares to estimate the...

This paper addresses the issue of monetary policy transparency in a context of model uncertainty by adapting the robust control approach. We find that even if the desire of robustness induces an aggressive response of union and central bank, the central bank should reveal its preference about...