Kilponen, Juha; Sénégas, Marc-Alexandre; Vilmunen, Jouko - Money Macro and Finance Research Group - 2007
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...