This paper tries to assess the proximity of the macroeconomic outcomes which could arise from a monetary policymaking process based upon either a robust control or a Bayesian (à la Brainard) approach towards parameter uncertainty. We use a small, structural, backward-looking, aggregate model of...

[fre] Cette contribution se présente comme un bilan des travaux récents consacrés à la gestion de l’incertitude par la politique monétaire et aux critères permettant d’appréhender cette question sur le plan empirique. L’accent est mis sur l’incertitude qui entoure le mécanisme de...

[eng] This paper examines, from a theoretical standpoint, how uncertainty affects the choice between a federal monetary policy based on national data and a policy based on union-wide aggregated data in a monetary union with asymmetrical monetary-policy transmission. We find that when additive...

[fre] Une approche bilatérale des réalignements au sein du Mécanisme de change européen . (mars 1979 - décembre 1992) par Jean-Sébastien Pentecôte et Marc- Alexandre Sénégas . Dans cet article, nous présentons un modèle de réalignement du cours de change dans une zone cible...

In this paper we address the issue of how parameter uncertainty affects the optimal degree of central bank conservatism. The analysis is conducted in the standard macroeconomic model of a monetary policy game embedding an expectational Phillips-curve. Multiplicative "Brainard" uncertainty is...

In this paper we address the issue of how transmission uncertainty could affect the choice between a federal monetary policy based on national data and one on aggregated data.We find that the uncertainty about the transmission process increases the need to take into account information about...

Comment fixer les cours de change ? Annonces et correspondances maastrichtiennes, by Jean-Sébastien Pentecote and Marc-Alexandre SenegasThis analysis questions the distinction between two exchange rate fixing rules : a « time-dependent" rule under which the exchange rate is fixed at an...

In this article we analyse how the enlargement of a monetary union may affect the design of the common monetary policy when the latter transmits asymmetrically between the member countries. We find that the use of national information about inflation and unemployment in the design of the common...

This paper tries to draw some lessons of the experience of ten years of EMU for the theory of Optimum Currency Areas. It examines whether, in the light of EMU, the OCA theory may be considered as a relevant framework for assessing the functioning of a monetary union as well as the costs and...